Market-wide trends today largely showed a consolidation. Altcoins like Bitcoin Cash and Dogecoin showed similar trading patterns.
Bitcoin Cash was nearing the immediate support line of $ 690.28 and has seen a slight decline of 0.6% over the past 24 hours. Dogecoin also showed area-bound movement with a slight increase of 1.7%. Eventually Filecoin rebounded 12.7% as it stood near its multi-month high of $ 95.70.
Bitcoin Cash (BCH)
BCH / USD, TradingView
Bitcoin Cash flashed on consolidation and was trading at $ 705.68. The altcoin lost 0.6% on its chart and was a few notches below its multi-month high. The immediate support line was at $ 690.28 but has failed to hold and could fall to $ 655.
The additional support line was at $ 603.21, a level BCH last reached almost four weeks ago. The technical indicators looked negative for BCH. Great oscillator red flashing signal bars. Green bars on the MACD The histogram receded and noticed a single red bar indicating an incoming negative price move.
Bollinger bands converged slightly, suggesting lesser chances that BCH is exposed to market volatility. A surge in price could push the altcoin to hit its three-month high at $ 719.
Dogecoin (DOGE)
DOGE / USD, TradingView
DOGE was up 1.7% in the past 24 hours and was trading at $ 0.300. The altcoin has been trading in a restricted area since the beginning of September.
An upside move could push DOGE to hit a weekly high of $ 0.314. If it moves further, it could hit its three-month high at $ 0.347 again. Indicators flashed mixed trading signals for DOGE. MACD showed short red bars in his histogram after a bearish crossover.
Capital inflows also declined since Chaikin money flow sat below the center line. Interestingly, that is Relative Strength Index was above the 50 mark in the bullish area. A change in course could cause DOGE to trade on an immediate support line of $ 0.273 and reclaim its week-long lows.
In recent developments, DogeLabs announced plans to host and deploy nodes to provide better infrastructure support for the Altcoin.
Filecoin (FIL)
FIL / USD, TradingView
FIL posted an impressive gain of 12.7% in the past 24 hours and was trading at $ 94.06. At this level it was around its multi-month high. The overhead resistance for the coin was $ 95.70. Key indicators pointed to bullish price action in the market.
MACD noticed a bullish crossover and blinked ascending green bars on the histogram. the Relative Strength Index was parked at 80 as the asset was overbought. Chaikin money flow was 0.20 due to the increased capital inflow.
A negative pullback could push prices to the immediate support level of $ 88.50 and then to $ 82.26. If it fails to hold above the latter price line, FIL will continue to push down to hit $ 74.98. Such a downward movement also acted as an impetus for prices in the past few weeks.
