Market-wide trends largely displayed consolidation today. Altcoins such as Bitcoin Cash and Dogecoin depicted similar trading patterns.
Bitcoin Cash inched closer to the immediate support line of $690.28 and noted a minor 0.6% fall over the last 24 hours. Dogecoin also showed range bound movement, with a minor uptick of 1.7%. Lastly, Filecoin rallied by 12.7% as it stood near its multi-month high of $95.70.
Bitcoin Cash (BCH)
Bitcoin Cash flashed consolidation and was trading at $705.68. The altcoin declined 0.6% on its chart and stood few notches below its multi-month high. Immediate support line was at $690.28, failing to sustain over which, it might drop to $655.
The additional support line stood at $603.21, a level BCH last touched almost four weeks ago. Technical indicators looked bearish for BCH. Awesome Oscillator flashed red signal bars. Green bars on the MACD histogram receded and noted a single red bar, implying incoming negative price action.
Bollinger Bands converged slightly suggesting lesser chances of BCH facing market volatility. An upturn in prices could propel the altcoin to touch its three-month high at $719.
DOGE noted an uptick of 1.7% over the last 24 hours and traded at $0.300. The altcoin continues to trade in a range-restricted manner since the beginning of September.
A move upwards could push DOGE to secure a weekly high at $0.314. Propelling further, it could revisit its three-month high at $0.347. Indicators flashed mixed trading signals for DOGE. MACD displayed short-bodied red bars on its histogram, after a bearish crossover.
Capital inflows also fell as Chaikin Money Flow sat below the mid-line. Interestingly, the Relative Strength Index stood above the 50-mark, within the bullish territory. A flip in prices could push DOGE to trade at an immediate support line of $0.273, reclaiming its one week low prices.
In recent developments, DogeLabs announced plans of hosting and deploying nodes to facilitate better infrastructure support for the altcoin.
FIL brought in an impressive 12.7% gain over the last 24 hours and was trading at $94.06. At this level, it hovered around its multi-month high. The overhead resistance for the coin was $95.70. Key indicators pointed towards bullish price action in the market.
MACD noted a bullish crossover and flashed rising green bars on the histogram. The Relative Strength Index was parked at 80, as the asset was overbought. Chaikin Money Flow sat at 0.20 owing to the rise in capital inflows.
A negative pullback could drag prices down to the immediate support level of $88.50 and then to $82.26. Failing to sustain above the latter price-line, will push FIL further down to touch $74.98. Such a downward move also acted as a propelling point for prices over the past weeks.