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You are here: Home / News / Altcoin News / XRP, Chainlink, Bitcoin Cash Technical Analysis On 16th November 2020
XRP, Chainlink, Bitcoin Cash Technical Analysis

XRP, Chainlink, Bitcoin Cash Technical Analysis On 16th November 2020

November 16, 2020 by Reena Shaw

Bitcoin’s rejection from the crucial level of a little over $16K triggered a minor sell-off in altcoins such as XRP, Chainlink, and Bitcoin Cash among others. The global market cap stood firm at $459.2 billion as Bitcoin’s dominance neared to 65%.

XRP:

XRP 2 e1605505110307

XRP has been trapped below $0.269 and its upward attempt took a hit after registering a decline of 1.31% over the past 24-hours, XRP was down by 1.31%. Despite the dip, XRP geared up for a much-anticipated breach as it climbed to $0.268 while holding a market cap of $12.18 billion and a 24-hour trading volume of $3.27 billion.

The dotted markers of the Parabolic SAR aligned below the XRP price candles supporting the coin from a drop depicting a growing bullish pressure. The RSI also rose above the 50-median line depicting a phase of increasing buying pressure in the coin market.

If the range to the upside is resolved, XRP bulls could push the coin’s price to $0.296, a level not seen since the first week of September. The support level for the coin stood at $0.235

Chainlink [LINK]:

LINK 5 e1605505839817

Chainlink [LINK] was priced at $12.16 after noting a decline of 1.92% over the past day. At the time of writing, LINK recorded a market cap of $4.77 billion and a 24-hour trading volume of $1.02 billion.

The red closing bars of the Awesome Oscillator depicting a switch to the bullish momentum following the latest pullback. Chaikin Money Flow also dropped below the zero-line suggesting decline in the inflow of capital into the coin market.

Downward pressure could bring the coin’s value to retest support area of $10.43 as it failed to breach the crucial resistance of $13.03.

Bitcoin Cash [BCH]:

BCH 2 e1605506351634

Following the hard fork, Bitcoin Cash [BCH] noted a drop of 3.36% over the last 24-hours which drove the price to $243.6 as it registered a market cap of $4.52 billion and a 24-hour trading volume of $2.84 billion.

After being stuck in a tight range, BCH exhibited a strong bearish pressure as depicted by both Klinger Oscillator as well as MACD indicator.

If Bitcoin Cash fails to reverse its short-term downtrend, it could potentially face a fall to its immediate support level of $218 while its resistance remained unbreached $273.

Filed Under: Altcoin News, News Tagged With: Bitcoin Cash (BCH), Chainlink (LINK), Ripple (XRP)

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