Bitcoin Cash News: As bears continue to dominate the global crypto market, altcoins like Bitcoin Cash and ATOM have rebounded from last week’s losses. They have moved in narrow price ranges and defended their support lines. A reversal in increasing selling pressure coupled with increased market volatility could cause cryptocurrencies to move upwards.
However, the bearish sentiment for cryptocurrencies continues to dominate.
Bitcoin Cash (BCH) price analysis
Despite losing 23.8% of its value in the last 4 days, Bitcoin Cash has been flat on the 4-hour chart for almost a month. After defending the $546 support mark yesterday, the price started to move upwards and the coin started recording green candlesticks. 30-day ROI fell 30.91% last month, and a 20.8% price drop was also observed during the same period.
BCH’s trading volume has increased by 21.6% in the last 24 hours as the asset heads towards price stability after being in the oversold territory on the Relative Strength Index yesterday. The upward movement of the indicator marked an increase in buying pressure during this time.
Increasing bearish momentum can be observed through the Awesome Oscillator as the red lines continue to grow below the histogram. Market volatility rose as the Bollinger Bands began to diverge. Sharp price action can be expected.
Over the last 10 days, the $546 support level remained strong against several tests, while remaining defensive. However, a possible breach could result in an 8% price drop to the next support level, $501.
Cosmos (ATOM) price analysis
Ranked #41 on CoinMarketCap, ATOM recorded a 24-hour price drop of 4.52%, despite gaining 6.3% over a one-week period. The coin has made steady gains since June 12, after experiencing a 13% drop on June 17. It also recorded a 13.3% drop in trading volume in the last 24 hours.
Chaikin Money Flow underlined that increasing capital outflows pushed the indicator below equilibrium and then sideways movement was seen.
An increase in market volatility can also be seen in the divergence of the Bollinger Bands. The asset’s 30-day volatility is 1.86, up 0.40 since yesterday.
The MACD lines moved above the Signal line indicator on June 18 and the coin recorded a bearish trend. Weakening bearish momentum can be seen in the histogram of the indicator.
The $17.2 resistance and $11 support levels remained untouched for a week. Any further bearish sentiment could cause the price to drop sharply to $8.7.