Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December
Bitcoin inched toward $20k and altcoins posted moderate gains in the past week and undid much of the damage that Bitcoin’s dip to $16,400 wrought. At press time BTC was trading at 19,507 with a 24-hour trading volume of $31.8 billion.
Bitcoin Cash performed strongly and rose above the psychological $300 barrier once more. Cosmos and Algorand also had strong bullish momentum behind them on their path to recovery.
Bitcoin Cash [BCH]
The cyan arrow shows a hammer candlestick formed and the price subsequently bounced strongly off the $288 support and was trading at $312 at press time.
The RSI showed an uptrend in progress and indicated bullish momentum with a value of 66. Trading volume was also significant over the past few sessions and gave credibility to the rise in price.
BCH could see a pullback toward $300 in the coming hours and can be expected to ascend toward $326 resistance in the near-term.
Fibonacci Retracement levels were drawn for ATOM’s drop from $6.48 to $5 and highlighted some important levels of resistance for ATOM on its recovery.
The price tested resistance at the 50% retracement level ($5.69) a few hours ago but sellers pushed the price back down to support at $5.45.
The MACD was climbing and could rise above the zero line in the coming hours, following the recent days of steady gains for ATOM. The price was also above the 20 SMA (white), and further gains can be expected over the coming days.
Flipping the $5.69 level to support would indicate that a move to psychological resistance at $6 was imminent.
The price crossed above the EMA ribbon a couple of days ago, but the ribbons themselves were quite tightly bunched together. The volatility of the past week has hurt ALGO’s performance.
Algorand was recovering with some strength. The trading volume saw some healthy spikes on certain sessions. While ALGO saw some indecisive candles in recent sessions, its short-term trend remained bullish.