Cryptocurrencies in the past few months have been a downtrend with the prices touching their recent lows. Over the past week, the crypto’s have recovered all the analysts amazingly. On the one hand, where the equity markets had their worst week in the past ten years, the crypto markets bounced sharply from their lows, showing signs of a recovery.
The investors will also look for further signs of improvement in the fundamentals to confirm the start of a new uptrend and to put in fresh money.
The overview of Bitcoin Cash and IOTA is given below:
The best performing cryptocurrency was Bitcoin Cash which witnessed massive buying interest. It was the best performing cryptocurrency. This gain also helped BCH to regain the fourth spot regarding market capitalization.
For the first time, Ethereum had overtaken Bitcoin Cash’s price before this recent uptrend.
In the past one month, the BCH/USD pair had fallen by around 83 percent. From the intraday high of $451.35 on November 15, it fell to an intraday low of $73.5 on December 15. After the recent price recovery, the cryptocurrency has only managed to recover close to 50 percent of the latest fall and strong resistance is at $262.43, as the 50-day SMA is also located at this level.
As per technical If BCH succeeds in to maintain the current levels without losing much on the downside, the levels would be the next strong buying support. And any upward movement will increase the chances of the current rally to extend up to $307.01, which is a 61.8 percent Fibonacci retracement of the fall.
The IOTA foundation recently announced a new hash function named “Troika,” which was developed by CYBERCRYPT. After completing various rounds of review, the foundation has opened it to the public for evaluation announcing that whoever succeeds in cracking the same will walk away with prize money of €200,000.
The IOTA/USD pair was on a downtrend since one year and fell from its all-time-high price of $5.8 which was recorded in December of last year to $0.2051 on December 7 of the current year, ultimately where investors showed buying interest.
Since then it recovered almost 77 percent from the lows, but when compared to its all-time high it is still 94 percent down which shows that there is still a lot of ground to cover and the overall trend is still down, with the short-term trend showing signs of recovery.
Those short-term traders who entered at lower levels can start booking partial profits and keep trailing their stop loss on the remaining position.