Bitcoin Cash Price Closing in Towards $1,000: Cardano and Lisk Price Technical Analysis
Bitcoin Cash (BCH)Technical Analysis
Bitcoin Cash price surges to record a double-figure increase in value in the last 24 hours on Thursday. The cryptocurrency is up by more than 13% while other cryptocurrencies make positive gains as well. BCH/USD is currently testing a short-term resistance level at $960 as the buyers eye $1,000.
The upside momentum was initiated at $760, which opened the gate for a sharp ascend as the price tested the resistance level at $825. A bullish flag pattern was formed at this level during the trading on Wednesday 18 pending another upside breakout. The bulls garnered the support and pushed the price to another breakout that formed a second bullish flag pattern above $875 and below $900. The trading on Thursday corrected higher as the price broke past key resistance areas at $930 and $950 respectively.
A short-term support has been formed at $940 but the stronger resistance is at the 61.8% Fib retracement level with the previous swing high of $1,076 and a low of $601. There is a bullish momentum that is forming above $955 as the MACD dips further into the positive region to signal that the path of least resistance is to the upside. $1,000 is within the intraday reach for BCH/USD; however, Bitcoin Cash (BCH) price must find a support above $950 to allow time to gain momentum.
Cardano (ADA) Price Analysis
Cardano ADA price is forming a double top pattern on the 30’ timeframe chart while it is exchanging hands above the bullish trend line. ADA has sustained a bullish trend for some time now exploring new highs in the month of April. Binance recently announced that it was adding more trading pairs for ADA giving the price the support it needed at the right time.
The trading pairs to be added include ADA/BNB (Binance coin) and ADA/USDT (Tether; pegged to the US dollar). This move means that traders get more flexibility when making transactions involving ADA token. This announcement has given Cardano value a boost at the moment when the boost that came with Huobi listing was fading.
Technically, Cardano ADA price upside has been capped below the intraday high at $0.27. ADA/USD corrected lower during the early GMT trading hours but was able to find a short-term support at $0.26. At the moment, the price is testing the intraday high of $0.27, but there is a bearish pressure forming around this level. In the event of a trend reversal, declines will be halted at $0.25 (100 SMA).
Lisk (LSK) Price Analysis
Lisk (LSK) price, on the other hand, is up more than 5% in the last 24 hours with an intraday high recorded at $11.64. After correcting lower on Wednesday 18, LSK/USD bounced off a support area around $10.4. Consequently, the cryptocurrency has been trading higher highs and higher lows on Friday before encountering stiff selling pressure at $11.64.
This paved the way for a downside movement as the sellers battled to force equilibrium after the extended bullish trend. The 100 SMA failed to support the price during the declines, the highlighted support zone at $11.00 stood ground and forced an upside correction.
At the moment, Lisk (LSK) price has broken above the 23.6% Fib retracement level with the previous swing high of $11.64 and a low of $9.9, although $11.60 is offering resistance to the upside. The MACD is moving into the positive region (+0.06) and there could be another breakout toward $12.00. The short-term support for LSK/USD is at $11.00; however, the major support level rests at $10.4.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.