Bitcoin Cash, Axie Infinity, GALA Price Analysis: 24 February
The crypto market saw a significant plunge in the last few hours as the friction between Russia and Ukraine worsened. As a result, a broader sell-off followed. As a result, Bitcoin Cash hovered around its 15-month support after a 10.87% 24-hour loss.
Further, Axie infinity flipped its six month-support to resistance after the downslide. Also, GALA substantially discounted as it challenged the lower band of its Bollinger Bands.
Bitcoin Cash (BCH)
Source: TradingView, BCH/USDT
As the bearish phase initiated, BCH steeply declined and lost its one-year support (now resistance) at the $387-mark. After a nearly 38% retracement (from 5 January), it hit its 13-month low on 24 January.
Since then, the alt oscillated between the $387-$260 range for the past one month. The latest retracement saw a down-channel (yellow) that yet again tested its 15-month support at the $260-floor. To initiate a recovery phase, the $279-mark would be crucial for the bulls to reclaim.
At press time, BCH traded at $264.4. The RSI downturned deep into the oversold region. Any further retracements would find support near the 21-point. With the +DI line looking south, the fear sentiment visibly heightened. This reading justified the near-term bearish movements.
Axie Infinity (AXS)
Source: TradingView, AXS/USD
After a steep downtrend, AXS lost multiple resistance (previous support) levels in the last two weeks. The alt lost over 40% of its value (since 7 February) as it rushed south to touch its six-month low on 24 February.
As a result, the 20 SMA (red) rapidly fell below the 50 SMA (white) and the 200 SMA (green), reaffirming the enormous sell-off during the last few days. Any retracements from here would continue to find testing grounds at the $42-mark.
At press
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