Chainlink, Bitcoin Cash, Bitcoin SV Technical Analysis on 1st September 2020

Despite Bitcoin‘s dormant price action, several altcoins have pushed ahead reclaiming overhead resistances. The collective cryptocurrency market cap stood at $386.7 billion while Bitcoin’s dominance declined to 56.8%.

Chainlink [LINK]

Chainlink [LINK] trading close to its psychological support of $18 despite a decline of 3.94% over the past 24-hours which positioned the coin’s price at $16.09 after. LINK held a market cap of $5.63 billion and a 24-hour trading volume of $1.565 billion.

The dotted markers of Parabolic SAR aligned below the LINK candles resisted a downside breakout of the coin exhibiting bullish projections. Ths RSI above the 50-median neutral zone indicated a sentiment of buying pressure in the LINK market. The technicals resumed a positive trend as the support point for the coin stood firm at $10.11.

Bitcoin Cash [BCH]

Bitcoin Cash [BCH] broke out to the downside as it weakened below the previous support level of $280. The forked coin was down by 1.08% over the past day which drove its price to $275.19 at the time of writing. It registered a market cap of $5.092 billion and a 24-hour trading volume of $1.244 billion.

However, BCH appeared to be heading for a break of this level. This was also evidenced by the shift to bullish momentum by the Awesome Oscillator which depicted by green closing candles.

Failure to rally the price back above $280 could cause the coin to fall back towards its immediate support level of $218.7.

Bitcoin SV [BSV]

Bitcoin SV has been in a downtrend for the most part of August. However, the ninth-largest cryptocurrency was up 1.26% over the past 24-hours which pushed its price to $197.37. At the time of writing, it recorded a market cap of $3.65 billion and a 24-hour trading volume of $660 million.

The latest upward price action could have potentially propelled the much-needed bullish momentum for the coin as both Klinger Oscillator, as well as MACD, appeared to be heading for a bullish crossover after a month.

If BSV gains the necessary momentum and breaches the key level of $200, it could encounter another resistance at $225. But if the bears continue to have an upper hand, BSV could drop to $168 level of support.