Bitcoin Cash (BCH) made a noteworthy recovery to start the weekend, halting a two-day decline, while TRON (TRX) also returned to positive territory on Saturday.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) demonstrated a substantial resurgence on Saturday, reclaiming gains after a recent string of losses.
Following a dip to $227.13 on Friday, BCH/USD recorded a 2% uptick, reaching a peak of $234.82 to initiate the weekend.
This price upswing coincided with bullish momentum pushing the token away from a recent support level, positioned at the critical $225.00 mark.
BCH/USD – Daily Chart
Analyzing the chart, it is evident that market bulls chose to capitalize on the recent dip, prompted by the relative strength index (RSI) finding support at the 56.00 level.
As of the present moment, the price strength stands at 58.60, with the next point of resistance situated at 60.00.
To elevate Bitcoin Cash above the $240.00 mark, traders will need to surpass this resistance, which appears to be their next target.
Tron (TRX) managed to break free from a three-day winless streak, initiating the weekend by bouncing back from a one-week low.
TRX/USD surged to a peak of $0.08818 earlier in the day, a stark contrast to its recent low of $0.08558, recorded less than 24 hours prior.
Similar to BCH, the rally today materialized after a brief breakthrough of a critical support level, this time at $0.08550.
TRX/USD – Daily Chart
Price strength also experienced an uptick on Saturday, regaining ground above the 58.00 zone and currently resting at 58.45.
The next visible resistance zone now sets its sights on 61.00, with a more enduring target of 68.00 within view.
Should these milestones be attained in the coming days, TRON may see itself trading above the $0.09000 mark.
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Frequently Asked Questions (FAQs) about Cryptocurrency Rally
What caused the recent rally in Bitcoin Cash (BCH)?
The recent rally in Bitcoin Cash (BCH) was triggered by market bulls buying the dip, following a decline to $227.13. The relative strength index (RSI) found support at 56.00, leading to a 2% increase, with BCH/USD hitting $234.82. This uptick was aided by a breakout from the $225.00 support level.
What are the key resistance levels for Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) faces its next significant resistance at the 60.00 level on the daily chart. To surpass the $240.00 mark, traders will need to overcome this resistance.
How did TRON (TRX) perform over the weekend?
TRON (TRX) broke a three-day losing streak over the weekend, bouncing back from a one-week low. TRX/USD reached $0.08818, a considerable increase from its previous low of $0.08558 within 24 hours.
What was the catalyst behind TRON’s (TRX) rally?
Similar to Bitcoin Cash, TRON’s rally occurred after breaking a key support level at $0.08550. Price strength also improved, with TRX/USD surpassing the 58.00 zone and currently sitting at 58.45. The next visible resistance is at 61.00, with a more extended target of 68.00.
How can I stay updated on cryptocurrency market analysis and news?
To receive weekly price analysis updates directly to your inbox, you can register your email through the provided link in the text. Additionally, signing up for the Weekly Technical Analysis Report will keep you informed about the week’s most significant cryptocurrency news.
Yes, you are encouraged to share your insights and thoughts on the factors driving the Bitcoin Cash (BCH) and TRON (TRX) rallies in the comments section below the text.
More about Cryptocurrency Rally
- [Bitcoin Cash (BCH) Price Chart](link to BCH price chart)
- [Bitcoin Cash (BCH) Support and Resistance Analysis](link to BCH support and resistance analysis)
- [TRON (TRX) Price Chart](link to TRX price chart)
- [TRON (TRX) Support and Resistance Analysis](link to TRX support and resistance analysis)
- [Register for Weekly Price Analysis Updates](link to registration page for weekly updates)
- [Weekly Technical Analysis Report](link to sign up for the weekly report)