To verify that there is going to be a proper recovery path, Bitcoin Cash still necessarily had to close the trading day above the 50-day Exponential Moving Average (EMA) close to the $331 resistance. Tron, on the other hand, showed a near-term upward movement as it swung over its 20-day Exponential Moving Average. However, the 38.2% Fibonacci point kept standing as a barrier. Fantom, on its own part, broke off its trend line resistance and was seen at the $2.2 mark as it strove to rally enough volume.
Bitcoin Cash (BCH)
BCH/USDT price chart. Source TradingView
As soon as the bearish phase started, Bitcoin Cash sharply dipped, and its one-year support was gone at precisely the $387 mark. After almost 38% Fibonacci retracement since 5th January, it went down to its lowest point in thirteen months on 24th January. After that, the bearish breakdown went back from the $270 mark long-term support structure. It, therefore, recovered the losses it had incurred before and turned the 50-day Exponential Moving Average from the point of resistance to support.
In the course of the past day, Bitcoin Cash witnessed a symmetrical triangular breakout. Hence, it fell under the $331 resistance, which coincided with the 50 Exponential Moving Average.
As at when putting this together, Bitcoin Cash was trading at $330.6. The Relative Strength Index suffered downtime and incurred a loss of the midline support. Any more retracement will find a measure of support close to the 43 levels. Though the directional moving index line witnessed a bearish overturn, the average directional index still shows a weakened directional trajectory.
FTM/USDT price chart. Source TradingView
Since Fantom had a reversal from the $3.32 point, the bearish traders have been in the driver’s seat. As a result, the digital asset lost more than 47% of its market value, and it sank down to its lowest point in a month on the 24th of January.
From that point, the altcoin had been in a range bound shuffling between the $2.49 and $1.9 marks. Fantome witnessed a whole month of trend line resistance as it tried to maintain the $1.9 support position. This gave a clue of a bearish tendency, but the latest down-channel snap raked in more than 14% profit in only two days. Therefore, Fantom breached the trend line resistance close to the $2.09 mark. Currently, the next resistance stands at $2.22.
TRX/USDT price chart. Source TradingView
Tron witnessed a significant 30% decline from 20th January and reached its lowest in six months on the 24th of January. The altcoin, however, managed a little recovery on trading today. It printed an almost 40% profit to test the Fibonacci point again on 10th February. After it tested this level, it witnessed a slight pullback as it tried to break out of the pattern.
Nonetheless, the $0.064 support structure was firm as bearish traders held the 38.2% resistance point high.