Bitcoin Cash is fluctuating above the 200-SMA value and no movement below this level is expected in the next few trading sessions. ALGO’s short-term action is mixed and awaits cues from the market.
Bitcoin Cash (BCH) price analysis
Bitcoin Cash remains just above the $ 423.8 support level after the bulls get involved to relieve some of the selling pressure in the market. The 200-SMA (purple) also acts as a defensive barrier and prevented a deeper fall. However, a possible move below this level in the next few trading sessions could indicate a serious bearish market.
At the time of this writing, the indicators are on the side of the bulls, suggesting that the price may remain above the $ 423.8 support level. Chaikin Money Flow is rising from the half line, noting the increase in capital inflows to the market.
Finally, the Stochastic RSI is in the oversold zone. A possible reversal in this indicator could be the key to moving the price in the other direction as well.
Algorand (ALGO) price analysis
Algorand dropped below the support level at 57 cents after a local peak at 62 cents. Despite the retracement in the last 24 hours, ALGO has been in an upward trend since the beginning of the year and the price is consistently reaching higher lows. The increasing trend was also reflected in ALGO’s gains in the last 30 days. This statistic is now 77%.
However, it is difficult to predict the short-term action as the indicators are giving mixed signals about the price.
The Chaikin Money Flow is heading down to show that capital inflows to the market are declining, while the Stochastic RSI is heading towards the oversold zone on the charts.