Bitcoin Cash, VeChain, Dogecoin Price Analysis: 28 July

28 July 2020, Tuesday, 15:10 - ambcrypto.com
Bitcoin Cash, VeChain, Dogecoin Price Analysis: 28 July
Source: Pixabay

The Bitcoin market witnessed a boost in its price on 27 July. The price of the largest crypto jumped 13% in a day, as the price escalated from $9,933 t0 $11,263. The major alts in the market also followed the coin in its upwards journey, especially its hard fork, Bitcoin Cash.

Source: BCH/USD on TradingView

The Bitcoin Cash [BCH] price also soared 13%from $247 to $279.60, within a day. However, the price of the asset has been dipping at press time and has reduced to $271.75. However, the sudden boost has set the immediate resistance at $281.47, while the support remained at $217.81. Since the price of the coin has been bouncing between $257 and $217 for a long time, the surge helped it breach past the resistance point at $257.

According to the Parabolic SAR indicator, the price trend has changed as the markers aligned under the price bars. This change in trend also meant that BCH is likely to recover the losses from March, if it did not retract.

Source: VET/USD on TradingView

The 20th coin listed on CoinMarketCap, VeChain’s [VET] market cap has been close to $897.42 million. It has been returning 137% YTD but has not witnessed a surge due to yesterday’s major coins rally. As the coin traded at $0.0161 with an immediate resistance at $0.0201 and support at $0.0148.

According to the indicators, the MACD stays in the buyer’s zone above zero. As the signal line and the MACD line recently crossed over, it may indicate that the asset was overbought and may notice a trend change. Recently, VeChain’s Thor updates to v1.3.4 were announced by developers and it mainly works on the P2P network broadcast and has fixed memory leak issues.

Source: Doge/USD on TradingView

Unlike the other small-cap assets, Dogecoin [DOGE] has been seeing the volatility reduce over the past few days. The price was rising in early July for the past three days, however, the market went under correction. At press time, the price of the asset was at $0.0031, whereas the resistance was at $0.0034 and support at $0.0029.

As per the Bollinger Bands, volatility has reduced and may reduce further. The moving average of the coin moved upwards over the candlesticks, suggesting a bearish pressure. Despite falling back, DOGE was still in 32% profit, YTD. Despite the fact that the price of the token had reduced, Dogecoin’s trading price has still remained 49% higher than its pre-pump value.



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