After the sharp decline a few days ago, I observe that the altcoins are recovering again. I reviewed three coins that I consider important for you this week. Now I want to share them.
After Ethereum climbed to the $ 4,000 band again, there was a positive movement in altcoins in the general cryptocurrency markets, although Bitcoin fluttered around $ 50,000. Bitcoin Cash, Monero, and Cosmos have created support points at various levels and appear to be targeting a return to the bull market.
Bitcoin Cash [BCH]
Although Bitcoin Cash has been declining along with other altcoins for the past few days, the overall crypto market dynamics seem to have changed again at the time of this writing. With Ethereum anticipating over $ 4,000, high market value altcoins such as Bitcoin Cash may start to climb again.
On the 4-hour chart, BCH prices fell below the 20-SMA (blue) and 50-SMA (yellow) values, but buyers again took over at the $ 1,140 levels. It is not yet clear whether bull investors will be able to raise prices again above the short and medium-term moving averages. The SMA values settled in the resistance zone between $ 1,317 and $ 1,460. Recapturing this territory could allow a move above $ 1,600.
While BCH prices declined to the level of $ 1,140, there was a divergence in RSI value for the bear market. Since mid-April, the values of 44-45 for Bitcoin Cash have acted as a resistance / support point on the RSI. An RSI that may rise above these values can be considered positive for the markets. On the other hand, the Squeeze Momentum Indicator (SMI) value may indicate a weakening on the bear traders' side if any dark red bar is observed, while recording a momentum for the sell.
Monero [XMR]
Monero seems to have reduced its losses, with the buy zone between $ 374.6 and $ 427.5. This region was also supported by the 200-SMA (green) value and created a strong line of defense. Breaking the upper cap and going above the 50-SMA may indicate a reversal for the bull market, but bearish mood is still being felt in the markets.
The MACD value, which is close to the bullish return, is behind the midline and remains in the negative territory. Another date when the MACD value remained in this region was during the general cryptocurrency correction in late February. The Awesome Oscillator (AO) value recorded a series of green bars, signaling that buying pressure is on the rise.
Cosmos [ATOM]
Finally, I see a solid support between $ 21-23 in the analysis of Cosmos. So it was not surprising that traders were buying from this area on the 4-hour chart. If buying pressure manages to push ATOM prices above the critical resistances of $ 25 and $ 27, ATOM could break its all-time high price record. However, such a development may depend on the situation in the general cryptocurrency markets and the price movements of Ethereum in particular. In case of further declines, there are supports at $ 21.1 and below it at $ 16.7.
Although an increase in MACD values indicates a positive result, trading volumes prevented a sustainable rally for now. The values of the Parabolic SAR indicator, shown in dots, remained below the candles, indicating an upward trend for ATOM, however.
These analyzes are strictly not investment advice. I am waiting for your likes and comments.
