After the prices faced a sudden decimation on the 1st of August, the dominant bullish trend had suddenly become a little uncertain for major digital assets, Top coins such as Bitcoin, Bitcoin Cash, and Cardano were feeling the turbulence at these coins pictured different returns over the past 24-hours.
After reaching $12,000 on 1st August, Bitcoin appeared to consolidated between $11,444 and $11043 over the past 48-hours. Heading towards the support at $11,043, Bitcoin exhibited a declination of 0.68 percent over the past day. BTC’s market capitalization crossed $200 billion, which is positive, and the trading volume over the past day was also around $23 billion.
Upon analyzing three of the indicators, the trend was divided between the markers. Parabolic SAR was bullish for Bitcoin as the dotted lines approached under the candlesticks. Relative Strength Index was initially dropping but a buying pressure seems to be back up again in the charts.
Finally, MACD was bearish for the token as the orange marker trailed the blue marker in the charts.
Bitcoin’s forked coin Bitcoin Cash appeared to mirror a similar image to Bitcoin as the asset struggle to rise above its recent losses. With the support at $278, the price at the moment was around $287, far below the $325 point reached on 1st August. BCH had a market cap of $5.27 billion at press time.
Bollinger Bands indicated that turbulence should be expected as diverging bands suggest high volatility in the charts.
Chaikin Money Flow or CMF exhibited more money coming in for BCH than going out but it was barely above the zero-line in the industry.
Aroon Indicator was positive but in the hindsight, it may undergo a trend reversal, which will end up with the bears taking over the valuation.
Finally, one of the top performers in 2020, Cardano appeared to be more bullish than Bitcoin and Bitcoin Cash as the asset registered a growth of 3.51 percent in the charts. Cardano could be heading towards $0.15 again, after witnessing more than 500 percent throughout the year. With a market capitalization clocking in at $3.68 billion, the asset also had an extremely impressive trading volume of $1.36 billion.
Bollinger Bands were diverging for ADA’s market suggesting that volatility will be high in the near future.
Chaikin Money Flow or CMF deflected from the zero-line at the time of writing, implying that new capital has been injected over the past day.
However, Awesome Oscillator indicated a neutral trend with bullish momentum slightly dropping down for the 8th largest digital asset.