Bitcoin Cash (BCH) and Dogwifhat (WIF) are displaying concerning trends. Nebraskangooner, a crypto analyst, recently posted technical charts, highlighting potential bearish movements. Both cryptocurrencies have deviated above their key moving averages. This could indicate further price declines. Investors should take note of these developments.
Bitcoin Cash (BCH) has experienced significant fluctuations. Technical charts show a deviation above the 99 Simple Moving Average (SMA). Historically, such deviations often precede sharp declines. This pattern, combined with the rounded top formation, suggests a bearish trend.
At press time, BCH/USDT was trading at $380.60. It has dropped 6.52% in the last 24 hours. The market cap stands at around $7.5 billion with a trading volume in the last 24 hours at $361.7 million. The Relative Strength Index (RSI) is at 46.92, indicating a neutral stance but leaning towards oversold. These indicators suggest potential bearish momentum for BCH.
WIF Downtrend Shows Signs of Reversal: Will It Hold the $1.5 Support?Dogwifhat (WIF) also shows concerning signs. The technical chart highlights a sharp decline of 15.29%, bringing the price down to $1.662. The price is retesting previous lows after a deviation with a potential support around $1.55. The chart also shows a previous high at around $2.60 before the price dropped sharply. The point of deviation around $2.90 marks where the price failed to sustain above previous resistance levels.
At press time, the price of WIF was $1.701, with an RSI of 35.28, indicating approaching oversold conditions. WIF’s sharp decline and retest of previous lows suggest potential bearish continuation. However, the oversold RSI might indicate a short-term bounce. Long-term investors should wait for signs of stabilization before making decisions. Monitoring support levels around $1.50 to $1.60 will be crucial.
