Bitcoin Cash Analysis [BCH], FTX Token [FTT] and Algorand [ALGO]
Bitcoin Cash could recover the region above $ 740 if the bulls deny a collapse in the next sessions. The FTX Token was valued to maintain support at $ 48.4, while Algorand was not yet ready to rise above its horizontal channel.
Bitcoin Cash [BCH]
Source: BCH / USD, TradingView
Judging by the trend of Bitcoin Cash since March 25, the cryptocurrency struggled against brief periods of correction and maintained its upward trend over the 4-hour period. If the same logic is used, the BCH could maintain its bullish cycle after negotiating the current price drop. If the $ 668.5 support is maintained by the bulls, then the BCH could rise above $ 740 in the short and medium term.
However, a bearish divergence in the RSI sent some warning signals across the market. If the RSI falls below 40, the BCH is under threat of a reversal. Even OBV has noticed some selling pressure in recent sessions.
FTX Token [FTT]
Source: FTT / USD, TradingView
At the time of this writing, the FTX Token moved south of an upstream channel after an impressive run for $ 39.7 support. For now, there was some support available at $ 48.4 and the weak trading volumes suggested that the bulls would maintain this support line.
Historically, the flow of institutional money has had a strong correlation with the price of FTT and this was evident in the CMF. If the CMF falls below the midline, the FTT could suffer further losses in the next sessions. Meanwhile, the Awesome Oscillator has noticed an increasing momentum on the bearish side. A strong level of support is at $ 41.8 and a move towards that may offer some buying signals for long-term traders.
Source: ALGO / USD, TradingView
There have been few developments in the Algorand market in the past 24 hours. Although the price was in red at the time of publication, the movement was well within a horizontal channel and above the equilibrium line.
However, bearish divergences in the RSI and MACD suggested weakness in the current price. While the RSI pointed to the north of 50 and reflected a degree of neutrality, the MACD closed at a bearish cross. This does not necessarily indicate a collapse, but it certainly worked against a bullish break, especially as volumes are also tending to decline.