Bitcoin Cash, Synthetix, Dash Price Analysis: 23 January

Sunday 24 January 2021, 5:32 AM AEST - 1 month ago

Bitcoin Cash traded close to the $426.4-support level and awaited cues from Bitcoin for a definitive move forward. SNX moved back above its $14.2-support level, but lacked the volume to rise higher on the charts. Finally, DASH cut its losses at the $94.6-support and eyed a move above the resistance level at $109.7.

Bitcoin Cash [BCH] Source: BCH/USD, TradingView

Bitcoin Cashs price has been quite volatile over the past few days, with the cryptocurrency touching the $550-mark, before falling sharply towards the support at $402. The fall accounted for most of the losses made over the last seven days as BCH found itself as the second biggest loser of the week, after Bitcoin, among the top-10 coins by market cap.

At the time of writing, BCH was trading close to its support mark at $426.4 and highlighted a bit of sideways movement over the next few sessions. Although the indicators were mixed on BCH, its trajectory will rely on Bitcoins movement over the coming days.

The Relative Strength Index pointed lower from the neutral zone and a move into the oversold territory could see the price fall below the press time support level.

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On the other hand, a bullish crossover on the MACD could see the price rise above the $450-resistance.

Synthetix [SNX] Source: SNX/USD, TradingView

Synthetix retook the $14.2-level from the bears after its price rose by over 7% in 24 hours. The lack of trading volumes curbed the rise and SNX traded close to its support, at press time. If the volumes pick up over the next few sessions, a bullish outcome could see the price move towards the $15.8-resistance. However, the indicators underlined bearish signs in the near future.

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