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Price Analysis

05 September: Dogecoin, Bitcoin Cash, Filecoin Price Analysis

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Consolidation was the dominant theme in today’s market movements. Bitcoin Cash and Dogecoin, two altcoins, showed similar trading trends to Bitcoin.

Bitcoin Cash drew closer to the $690.28 immediate support line during the previous 24 hours, with a 0.6 percent decline recorded. Even Dogecoin’s price fluctuated within its range, with a slight increase of 1.7 percent on the day. Last but not least, Filecoin surged by 12.7 percent, reaching a multi-month high of $95.70.

Dogecoin (DOGE)

DOGE gained 1.7 percent in the past 24 hours and is currently trading at $0.300. Since the beginning of September, the cryptocurrency has continued to trade in a range-restricted fashion.

It is possible that DOGE may reach its weekly high of $0.314. If it continues to gain momentum, it may reach its three-month high of $0.347. There were mixed indications from the indicators for DOGE. A bearish crossover of MACD’s histogram resulted in a short-bodied red bar on its histogram.

As Chaikin Money Flow dipped below the mid-line, capital inflows also decreased. On the other hand, the Relative Strength Index (RSI) was above the 50-mark, putting it in the positive zone DOGE’s one-week low pricing might be reclaimed if prices reverse.

The DogeLabs team has revealed plans to host and install nodes for the cryptocurrency.

Bitcoin Cash (BCH)

Cryptocurrency Bitcoin Cash was trading at $705.68, after a period of consolidation. In terms of its chart, the cryptocurrency fell 0.6 percent from its multi-month high. As of this writing, the immediate support line was at $690.28, but if it doesn’t hold, it may fall to $655 if it doesn’t.

It was at $603.21, a level BCH hasn’t been at in nearly four weeks, according to the extra support line. BCH’s technical indicators appeared to be pointing in the wrong direction. Stunning Oscillator showed red warning bars. There was a single red bar on the MACD histogram, indicating that the price was about to move in the wrong direction.

According to Bollinger Bands, BCH is less likely to see market volatility. The altcoin’s price might rise to its three-month high of $719 if a price surge occurs.

Filecoin (FIL)

As of Friday night, FIL was trading at $94.06. It has gained 12.7 percent in the past 24 hours. It was hovering near its multi-month high at this point. The currency has a $95.70 overhead resistance. Price movement in the market was positive as a result of the market’s key indicators.

As a result of the bullish crossing, MACD’s histogram showed increasing green bars. Due to the asset being overbought at 80 on the Relative Strength Index, the asset was temporarily halted. With capital inflows increasing, Chaikin Money Flow was 0.20.

Khalid is an independent writer that covers the cryptocurrency and blockchain sectors. He has 8 years of writing, technical and trading expertise. He has worked at several major investing sites such as the RippleCoinNews.

2 Comments

2 Comments

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