While Bitcoin and Ethereum continue to trade sideways, many altcoins have reflected the same price patterns over the past 24 hours. TRON, EOS, and Bitcoin Cash all showed signs of consolidation with minor losses.
TRON lost 1.7% and saw a massive sell off in the market. EOS also posted a loss of 0.8% and was approaching its immediate support level of $ 5.20. Bitcoin Cash, on the other hand, saw no losses but was seen trading sideways with chances of a price reversal, as the metrics indicated positive price action.
TRON was consolidating in its rankings after recording minor losses of 1.7% in the past 24 hours. The altcoin was trading at $ 0.105 and it just fell below its support level of $ 0.106. At the current price point, TRON was trading closer to its one-week low price point.
The nearest help line for TRON was $ 0.095. Additional support lines stood at $ 0.088 and $ 0.081 respectively. On the four-hour chart, altcoin’s prices were below its 20-SMA line, suggesting that the price timingm was in favor of the sellers.
In accordance with the aforementioned statement regarding the increased selling pressure in the market, the relative strength index was noted below the half line in the bearish area. MACD displays red bars on its histogram. Capital inflows had also declined as the Chaikin Money Flow was below the midline, a level it last reached almost 3 weeks ago.
On the upside, TRON’s resistance mark was expected at $ 0.112 and then to its multi-month high of $ 0.120. In the latest news, TRX and BitTorrent reportedly announced the launch of the BitTorrent channel (BTTC).
EOS lost 0.8% in the past day and was trading at $ 5.24. At its current price point, the altcoin has revised its three week price point. EOS was approaching its closest support level of $ 5.20. With further decline, altcoin could drop and trade near its $ 4.53 support line.
On the four-hour chart, the token price was seen above the 20-SMA line despite recording a slight decline in the past 24 hours. The 20-SMA reading suggested that the momentum was still inclined to favor buyers in the market, but if EOS continues to fall, prices may fall below the 20-SMA line.
MACD signaled a bearish cross and showed the appearance of a red bar chart. The relative strength index was in the bullish zone above the 50 mark, although it threatened to fall below the half line in the coming trading sessions. in the same way Chaikin Money Flow remained in bullish territory, with capital inflows always preceding capital outflows.
If buying pressure resumes, altcoin could revisit the resistance bar of $ 5.60 and then attempt to retest its multi-month high of $ 6.35.
Bitcoin Cash (BCH)
Following broader sentiment on market prices, Bitcoin Cash was also consolidating and trading at $ 636.57. Its immediate support line was $ 608.74, which also marked the coin’s four-week low price point. If BCH continues to consolidate over the next few trading sessions, it could drop below the $ 608.74 support line and trade near the $ 524.73 price, which the coin last touched. times almost a month ago.
Key technical elements, however, indicated the start of positive price action in the market. MACD underwent a bullish cross and showed green bars on its histogram. The relative strength index broke the 50 mark after the coin experienced a massive sell off, suggesting buying pressure has returned to the market.
Bollinger bands was tightened sharply, indicating that price volatility would remain extremely low in future trading sessions. If BCH manages to break higher, the first resistance mark is at its one week high at $ 672.68 and then $ 705.02 respectively.
By successfully trading above the $ 705.02 mark, BCH may revisit its multi-month high of $ 789.57. In the latest development news, Bitcoin Cash was announced as being accepted as a payment method by AMC Theaters.