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XRP, Bitcoin Cash, Polkadot Technical Analysis on 21st September 2020

Bitcoin and altcoins were consolidating in a tight range as another upward push was diminished by the increasing bearish pressure. This potentially indicated that higher levels formed by the coins continued to attract sellers. The collective market cap declined to $347 billion while BTC dominance stood firm at 57.9%

XRP:

XRP was down by 1.97% over the past 24-hours which drove its price to $0.244. At the time of writing, the coin stood at a market cap of $10.99 billion and a 24-hour trading volume of $2.138 billion

It turned down from its overhead resistance of $0.256 despite a mild upsurge. Klinger Oscillator, however, appeared to head for a bullish crossover in the near-term. The signal line was below the MACD depicting signs of bullish revival.

If the bulls fail to defend the current level, XRP could spiral down to $0.192 level of support.

Bitcoin Cash [BCH]:

Bitcoin Cash declined by 2.23% over the past 24-hours. At the time of writing, the fork coin was priced at $224.87 with a market cap of a $4.165 billion and a 24-hour trading volume of $2.099 billion.

BCH was seen facing stiff resistance from the $242-region. The green closing lines of Awesome Oscillator depicted a bullish momentum in the coin’s value supporting the candlesticks from a further decline. Chaikin Money Flow appeared to be declining towards the zero-line suggesting a reduction in the inflow of capital in the coin market.

This was indicative of the fact that the BCH bulls were struggling close to its support level of $204. While a downside breakout is highly unlikely, the coin could potentially extend its consolidation phase before targeting the aforementioned resistance level.

Polkadot [DOT]:

Attempts to record new ATHs were halted by the bears as, despite a recovery run, the DOT token fell by 8.75% over the past 24-hours which drove the coin’s value to $4.46. It registered a market cap of $3.80 billion and a 24-hour trading volume of $913.9 million.

The dotted markers of Parabolic SAR above the DOT candlesticks resisted an upward break to its previously breached $5.23 resistance level. RSI was deep down the oversold territory depicting a sentiment of high sell pressure among the traders of the coin market.

If the downtrend persists, DOT could retest close to its support point of $4.11 in the coming days.

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