After a strong beginning of the week, the crypto market has taken a turn for the worse, with BCH, AVAX, and DOGE all seeing significant decreases in price. While BCH continues to hold above $100, both AVAX and DOGE have fallen below key support levels, with DOGE sitting at just over $0.06. The overall market trend remains down, though there are some signs that the worst may be over for the short term.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is currently trading at $110.40, down 4.07% in the last 24 hours. BCH has been in a steady decline since mid-March and is currently down over 20% from its high of $140 reached just a few weeks ago. The recent sell-off has brought BCH below its 200-day moving average (MA), a key support level, though it has held above $100 so far.
The MACD (moving average convergence divergence) indicator is currently in a bullish configuration, though with a downward trend. The Relative Strength Index (RSI) is currently 51.5 in neutral territory.
BCH is currently in a short-term uptrend, though both the medium- and long-term trends are down. The Average Directional Index (ADX) is currently at 18.5, indicating a weak trend.
Avalanche (AVAX)
Avalanche (AVAX) is currently trading at $14.01, down 4.34% in the last 24 hours. AVAX has followed a similar trend to other major altcoins in recent weeks, falling sharply from its all-time high of $19.78 reached in early March. The sell-off has brought AVAX below its 200-day MA, though it has so far held above $12.50, a key support level.
The MACD is currently in a bullish configuration, though with a downward trend. The RSI is currently at 69.6, indicating an overbought condition.
AVAX is currently in a short-term uptrend, though both the medium- and long-term trends are down. The ADX is currently at 40.1, indicating a strong trend.
Dogecoin (DOGE)
Dogecoin (DOGE) is currently trading at $0.067, down 4.86% in the last 24 hours. DOGE has followed a similar trend to other major altcoins in recent weeks, falling sharply from its all-time high of $0.087 reached in early March. The sell-off has brought DOGE below its 200-day MA, though it has so far held above $0.06, a key support level.
The MACD is currently in a bullish configuration, though with a downward trend. The RSI is currently at 69.3, indicating an overbought condition.
DOGE is currently in a short-term downtrend, though both the medium- and long-term trends are down. The ADX is currently at 40.6, indicating a strong trend.
