Bitcoin Cash, NEM, Decred Price Analysis: 22 October

Thursday 22 October 2020, 7:47 PM AEST - 1 month ago

Proving to be one of the markets top-performing digital assets on the charts, Bitcoin Cash was quick to add over 6% to its value in lieu of the prevailing bull market. Decred too was painted in green, with northbound price momentum in the DCR market likely to push the cryptocurrency towards its immediate resistance level.

On the contrary, NEM seemed to be gearing up for a steep fall as the bears had taken over the market.

Bitcoin Cash [BCH]

BCH-13.pngSource: BCH/USD on TradingView

Fueled by strong buying momentum, the Bitcoin Cash market registered a positive uptrend, returning gains worth 6.7% over the last 24 hours.

With the formation of the dotted markers below the candlesticks, the Parabolic SAR indicator eliminated the likelihood of the altcoin noting a bearish breakout.

The Relative Strength Index was seen hovering just below the overbought territory, highlighting the continuing presence of strong buying sentiment.

Given this scenario in the BCH market, a pullback could be expected from the $ 266.29-level, towards the next level of resistance.


NEM-2.pngSource: NEM/USD on TradingView

NEM, at the time of writing, was displaying signs of being close to a drawdown in price as the 78.6% retracement region marked by the Fibonacci Retracement tool continued to weaken in lieu of bearish pressure.

In fact, the digital assets fortunes were likely to be bearish if the sellers manage to further push prices below the $ 0.103-level of support. as was seen over the last few days.

The Aroon indicator signaled a bearish crossover, with the Aroon Up (Orange) falling below the Aroon Down (Blue).

In light of rising selling pressure and the digital asset recordin ...

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