HODLers have attempted to halt the crash situation that had the broad market crashing towards $1.2 trillion over the previous week. However, they still require massive volumes to alter the market structure to favor bullishness. MANA, Tron, and Bitcoin Cash recorded upsurges as they climbed from the May 12 lows.
Bitcoin Cash (BCH)
The previous bullish actions saw Bitcoin Cash claiming a position beyond the 5-month trend-line resistance. However, the market-wide crash saw bears dragging the alterative token to record lows within the past couple of days.
Moreover, the resistance at $346 triggered a 54.58% slump that had BCH exploring 2-year lows on May 12. The latest upside attempts met obstructions around the POC (Point of Control), ensuring high liquidity around the $212 region. A decisive closing beyond the 20 Exponential Moving Average would increase the probability of breaking beyond the POC.
BCH traded at $210 at this publication. The Relative Strength Index dipped into compression at 38 – 50 (after drifting around oversold lows). As bulls attempt to overtake the equilibrium, closing past 50 would confirm surged buying momentum.
Tron (TRX)
Tron witnessed impressive upswings since reviving from $0.06, overcoming several FIB obstacles as it maintained upside actions. Higher lows plus consistent highs above the 50% FIB area ensured a much-required yield for TRX.
The $0.08 mark represented the multi-week trend-line resistance and 61.8% FIB level confluence. Therefore, the token crashed to hit $0.06. Tron struggled to secure a steady closing beyond the BBs baseline (since the price fall). TRX traded at $0.0693 at this publication, dropping 6.42% within the past day.
Decentraland (MANA)
MANA saw gradual growth since its inception, overcoming the $2 mark. However, bears were against the bullish thesis, triggering several crashes since April’s early sessions. Meanwhile, losing grounds at $1.3 led to a sharp drop to $0.7 as MANA hit 7-month lows on May 12. The latest rebound saw the token’s 20 Exponential Moving Average escaping southbound movements.
The Relative Strength Index stayed beyond the midline as it tested the 63-level several times. The Chaikin Money Flow reflected buying strength as it rose past the zero line. Meanwhile, CMF’s higher highs within the past couple of hours saw the Chaikin Money Flow registering a bearish divergence with MANA price.
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