Bitcoin Cash, Synthetix, And Digibyte Price Analysis
Bitcoin is presently trying to seduce the $28,000 prove mark after breaching the $27,000 price region within 24 hours. Making use of the massive rise that Bitcoin has witnessed, Bitcoin Cash has undergone a bullish run in the crypto market to record a massive price move. Bitcoin Cash recently moved past the $326 price level, breaking above its recent resistance figure in the process. Going down the crypto charts, Digibyte also witnessed a parabolic movement over the last few hours, and Synthetix also smashed its resistance level.
Bitcoin Cash made headlines after reaching a milestone figure of $300 in the last few days before the digital asset closed in on $326. Presently, the digital asset is trading around the $336 price mark, breaking its resistance in the process. Taking a look at its Aroon Indicator, one would notice that the Bitcoin hard fork has been seeing bullish momentums and has been trading in a bullish zone since December 25. With the next resistance level set at $350, Bitcoin Cash is well placed to hit and break the resistance figure when the time comes. If the region is successfully breached, then the digital asset would need to continue its momentum around its next resistance figure of $385 and $400 to break them.
Synthetix is presently trading around the $8 price level on the chart after seeing a price movement around $7.7 in the latter part of August. Even though the digital asset has faced so many price losses in the last few days, the digital asset has been able to touch the $8.6 price mark in the last few trading days. After touching the $8.6 price region, the price was forced to correct and continue trading around the $8 mark. The decline run was due to the fact that the digital asset saw a bearish move between its price and momentum.
Despite that, the Relative Strength Index is still moving to a region around 60, showing that bullish momentum will always happen in the coming days. With the price witnessing a decline to trade around $5 and $4 in the early parts of this month, the bullish momentum has been able to push it upward. The bullish momentum is expected to continue as the coin surges upward in the coming days, with the latest psychology resistance seen around the $10 region.
Digibyte was the star of the show after it saw a rise of almost 40% in the last one day as it saw one of its best bullish runs in the crypto market to push its market from $0.018 to $0.02. The Relative Strength Index and the MACD show that the markets are generally in an overbought region.
Even though it is in an overbought region, to catch the previous highs would be very tricky on the part of the digital asset. The Fibonacci levels also buttress that fact as the 50% retracement level shows that support is at $0.022. if the price doesn’t reach the predicted high, then it means a movement around the $0.022 region should be expected.