Bitcoin Cash’s movement is in a descending triangle and a breakdown is still expected given the bearish market momentum. Ethereum Classic could hit $45.5 in extreme sales. Lastly, Polkadot maintains the upper channel but a breakout above $46.5 seems unlikely.
Bitcoin Cash, Polkadot, Ethereum Classic Price Analysis | May 10, 2022
Bitcoin Cash (BCH)
The Squeeze Momentum indicator is showing bearish momentum in the market as Bitcoin Cash is trading in a descending triangle. The trend line lower at $1,280 represents cut-off for the bulls. A break of this pattern may lead to a decline towards the $1,200 support. For a breakout, bulls need to reclaim $1,430-$1,460 from the sellers.
The RSI has continued to decline for the past few days after overbought conditions. A drop below 47-45 would reflect bearish price action.
Ethereum Classic (ETC)
Ethereum Classic is trading within the green at press time, but its gains are nowhere near those seen a few days ago. Over the past 24 hours, BCH is up 3%, but weekly gains remain strong at 160%. It also suggests a correction period for ETC. If the $111 support can be maintained, another advance can be anticipated in the coming days. If that level is broken, it will drop around $90, $70.5 is also possible. The extreme sell-off could reach $45.5 and below the 20 SMA (red).
Polka dots (DOT)
As the Polkadot’s upper channel is approaching the upper limit of $42.2, a bullish momentum is noted in the market. It will be interesting to see if this momentum persists as the DOT approaches its next upper cap at $46.5. If buying activity does not slow down before the breakout, the first few DOT targets are at $53 and $57.
The green Awesome Oscillator candle indicates positive buying pressure as the DOT approaches $42.2. If this purchase disappears, it can return between $33-35. The OBV downtrend indicates that the buying pressure seen during late February highs is continuing to ease. It can take effect and work against the prediction of the breakout. If the OBV manages to rise above the upward sloping trend line, a favorable outcome can be expected.