The global crypto market cap stands at $ 1.46 trillion, accompanied by a 2.3% growth on the last day. As prices skyrocketed overnight, many altcoins traded above their crucial values. In order for the coins to move upwards, the overall crypto market has to gain significantly in strength again. Bitcoin Cash boosted demand, Solana technical indicators pointed to a phase of market volatility, and Filecoin showed a reinforcement of the current market trend.
Bitcoin Cash (BCH)
The four-hour technical chart was bullish for BCH. The market projected strength as the alt at press time was $ 507, driven by a price increase of nearly 11% in the past 24 hours.
Immediate resistance for BCH is $ 528 and it will require support from the broader crypto market to continue to rebound. The dotted lines on the Parabolic SAR Indicators were seen below the candlesticks at the time of writing, indicating an upward trend in prices.
Bitcoin Cash was overbought due to a strong increase in demand, and if demand continues to rise, prices tend to shoot up. That Relative Strength Index the indicator is shown above the 70 mark.
In terms of price volatility, the market entered a period of low volatility, however due to the reading the Squeeze Momentum Index. The indicator indicated a signal to buy the altcoin.
SOL was up 7.5% in the past 24 hours, when prices hovered around $ 29 at press time. On the technical analysis chart, SOL’s green candles showed a decline, suggesting that bullish momentum may take a hit after all.
In this case, SOL’s support level was $ 26. On the flip side, SOL could try to test the $ 31 resistance level then $ 32 as the latter was a specific resistance point over a period of time.
The Alt’s 24-hour trading volume rose 116.61%, suggesting buyers were buying the token. That Relative Strength Index demonstrated the strength of buyers in the market, but also noted an upward trend, suggesting the primacy of buyers over sellers at press time.
Dotted lines of the of Parabolic SAR was present below the price level, suggesting that prices may hover around the $ 29 mark on the upside. Bollinger bands widened slightly, suggesting that prices may be subject to market volatility.
After the crypto market rallied since July 21st, Filecoin price movement has been on an uptrend, but not as fast. At press time, the price was $ 51.40 and it’s up about 4.6% over the past 24 hours. FIL’s key resistance level was at $ 51.13, which broke the coin and the bulls automatically regained their lost strength in the market.
A look at the Relative Strength Index At this price level, there was good buying pressure for FIL, which is why it could prove advantageous for FIL dealers to invest in FIL.
At the time of going to press, the indicator was just below the 75 mark; an influx of buyers would push FIL into the overbought zone. Chaikin money flow also represented an increase in capital inflows as buyers dominated the coin market.
Filecoin price movement over the past few days has been steady and strong, it has challenged its levels of resistance one by one and thereby strengthened itself. That Average direction index Pointing to the growing strength of the FIL market, the indicator was approaching the 40 mark.