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Bitcoin Cash, Synthetix, Algorand Price Analysis: 21 January

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Bitcoin Cash, Synthetix, and Algorand posted losses over the past few hours as Bitcoin saw a wave of selling pressure. The defense of $32,000 for Bitcoin, or the lack of defense, would have a major impact on the altcoin market as well.

Bitcoin Cash [BCH]

Bitcoin Cash, Synthetix, Algorand Price Analysis: 21 January

Source: BCH/USDT on TradingView

BCH formed a descending triangle pattern (orange) and broke out to the upside. Yet, it was unable to push past $540 and formed a double top. Combined with selling pressure on Bitcoin, BCH was forced to cede the $504 and $459 levels to the bears.

A session close beneath $459 will likely take the price further down, toward $415 in the coming days. Bitcoin has been sliding lower over the past two days, from $37,300 to $32,755. If the $32,000 level is not defended by the bulls in the coming hours, more downside can be expected for BCH as a result.

The RSI showed strong bearish momentum, however, the trading volume didn’t pick up during the sell-off, indicating that this was a reaction to Bitcoin’s drop and recovery was likely to be quick.

Synthetix [SNX]

Bitcoin Cash, Synthetix, Algorand Price Analysis: 21 January

Source: SNX/USDT on TradingView

The Awesome Oscillator indicated rising bearish momentum behind SNX. The $14.1 level was not yet lost, but the coming hours will likely see the price slide lower.

The highlighted region is one of demand for SNX, and the price can be expected to dip to this region and bounce upward to test $14.1 as resistance.

Closing a trading session beneath the $12.35-$13.1 region will see SNX test $11.2 as support.

Like Bitcoin Cash, trading volume was not rising even as the price tumbled – an indication that the market lacked conviction for this move south.

Algorand [ALGO]

Bitcoin Cash, Synthetix, Algorand Price Analysis: 21 January

Source: ALGO/USD on TradingView

The MACD showed that the bearish momentum was rising and was on the verge of dropping beneath the zero line, which would generate a strong sell signal. However, the OBV did not fall by much – a theme in the altcoin market which was reacting to Bitcoin’s drop to $32,000.

If the price closes beneath $0.5, the coming hours can see ALGO drop to $0.436.

Source: https://ambcrypto.com/bitcoin-cash-synthetix-algorand-price-analysis-21-january/

Amb Crypto

Miami Mayor dismisses Treasury Secretary Yellen’s criticism of Bitcoin

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Over the past few weeks and months, Miami and Mayor Francis Suarez have been working towards positioning the city as the country’s premier crypto-hub. “We want to be one of the most crypto-forward and technological cities in the country,” Suarez had said in a recent interview, with the comments coming on the back of reports […] Source: https://ambcrypto.com/miami-mayor-dismisses-treasury-secretary-yellens-criticism-of-bitcoin/

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FD7 Ventures launches $250M Micro-Fund in India for Cardano, Polkadot-based projects

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A few days after FD7 Ventures, a Dubai-based crypto-investment fund, made news after it announced its decision to sell its Bitcoin holdings worth $750M to buy more Cardano and Polkadot, the fund is in the headlines again. According to a press release, FD7 Ventures has now launched a $250M Micro-Fund in India to invest in […] Source: https://ambcrypto.com/fd7-ventures-launches-250m-micro-fund-in-india-for-cardano-polkadot-based-projects/

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Why Mark Cuban is looking forward to Ethereum’s use cases

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Entrepreneur Mark Cuban is in awe of Ethereum network and thinks that blockchain technology could be a game-changer for various industries. In a recent interview, Cuban said that it is the “simplification of smart contracts” on Ethereum that gets him “excited.” He said: Because now, all these SaaS companies, all these different companies, I could […] Source: https://ambcrypto.com/why-mark-cuban-is-looking-forward-to-ethereums-use-cases/

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Litecoin, EOS, Enjin Coin Price Analysis: 01 March

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Litecoin seemed positioned for additional losses after the long-term moving average closed in on the short-term line. EOS moved within a descending channel after finding support at $3.5. Lastly, ENJ went past a key resistance and saw its price rise on the charts. Litecoin [LTC] Losses in the last seven days amounted to over 25% […] Source: https://ambcrypto.com/litecoin-eos-ftx-token-price-analysis-01-march/

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