Bitcoin Cash, Ethereum Classic and Zcash are among the major altcoins attempting to counter a bearish sentiment observed over the past 24 hours
With Bitcoin trading around $9,400, altcoins have likewise struggled to find traction during today’s European trading session.
Below is a price analysis for Bitcoin Cash, Ethereum Classic, Dogecoin and Zcash. Over the last two days these coins have largely followed Bitcoin’s moves as it repeatedly failed to break the $10,000 level.
Bitcoin Cash
This month, BCH approached highs near $265 before recently falling below the key support area at $250. Sellers also pushed the price beneath the 100-day simple moving average, a trend that can be seen on the shorter 4-hour timeframe as well.
Last weekend’s decline pushed the BCH/USD pair to test support around $225.
Bitcoin Cash is trading just below $241 today after a rise in volume produced gains on Tuesday.
After reaching a peak of $238.43, the cryptocurrency recorded a 1.5% intraday gain that allowed it to clear resistance at $239. The BCH/USD pair is currently testing support at $241 and could rebound higher if the RSI continues to show weakening control from the bears.
Ethereum Classic
Ethereum Classic is down about 7% over the past seven days, bringing the token’s value to $6.29 against the US dollar at the time of writing.
Having broken support at $6.39, the ETC/USD pair now finds its next support at $6.25, while the next major resistance sits at $6.89.
On the daily chart the RSI is pointing lower, suggesting the pair may be oversold. However, the MACD appears poised to signal a potential change in direction once it crosses its signal line. Buyers need to defend support near $6.22 to retain the upper hand.
Zcash
Zcash is one of the larger losers among top-tier altcoins, with the privacy-focused token down 1.43% at the time of writing.
Zcash recently dropped roughly 8% to trade around $48.80.
Strong resistance sits in the $55–$58 area, although the RSI is showing a bullish signal that could support a recovery if buying pressure resumes.