Bitcoin Cash is trading near the $ 426.4 support level and is waiting for clues from Bitcoin for decisive progress. The SNX, on the other hand, is back above the $ 14.2 support level, but seems to lack the volume needed for further bullishness.
Bitcoin Cash (BCH) price analysis
The price of Bitcoin Cash has been pretty volatile in the past few days, with the cryptocurrency worth $ 550 and dropping sharply to the $ 402 support. BCH found itself as the second biggest loser of the week among the top 10 cryptocurrencies by market cap, after Bitcoin.
At the time of writing, BCH is trading near the $ 426.4 support point, highlighting that there may be some sideways movement in the next few sessions. While the indicators are mixed in BCH, its trajectory will depend on Bitcoin’s movement in the coming days.
The Relative Strength Index pointed to lower than the neutral zone, and moving to the oversold zone could result in the price falling below the support level.
On the other hand, the bullish trend in the MACD may result in the price rising above the $ 450 resistance.
Synthetix (SNX) price analysis
Synthetix regained the $ 14.2 level from the bears after gaining over 7% in 24 hours. The lack of trading volumes limited the rise and SNX is trading close to its support at the time of this writing. If the volumes collect in the next few sessions, he can see the price move towards the $ 15.8 resistance as a result of the bullish. However, indicators highlight bearish signs in the near future.
While the stochastic RSI has stabilized in the overbought zone, a reversal in the index may result in the price falling towards the $ 13.2 support level.
The MACD’s histogram recorded several bearish points and suggested that the Signal line could catch the fast moving MACD line.