According to analyst Yash Majithia, Bitcoin Cash and The Sandbox gave a short-term bearish image after the bull rally they experienced. On the other hand, IOTA continued to climb within an ascending channel.
Cryptocurrency bulls have failed to turn their attempts into a sustained bullish wave as they try to counter the increasing bear control in the market.
Bitcoin Cash (BCH)
Bitcoin Cash price lost 27.2% in the last wave of selling and fell to its lowest level in a month on November 28. After drawing a bearish channel, the bulls for BCH were unable to sustain the upward move and the price declined in a descending triangle pattern (yellow).
According to the analyst; For the past month, BCH bears have been targeting support at $544. The RSI indicator has been showing signs of recovery for the past few days but remains below the midline. Moreover, the DMI indicator confirmed the bearish chart, while ADX indicated a weak directional trend.
The Sandbox (SAND)
The Sandbox is trading at $6.21 after a 15.5% drop in the last 7 days. According to the analyst; This decline was experienced as the altcoin plunged below its upside channel for the first time in 22 days. The altcoin's RSX indicator, on the other hand, came back to around 40 from the midline. DMI and AO indicators showed a bearish picture. The ADX indicator, on the other hand, reported a very weak directional trend. Altcoin bulls may need to defend the $6.03 support to avoid further declines.
The IOTA price gained approximately 33% between October 20 and November 25. As a result, the altcoin price reached the highest level of the last two months with $ 1.66 on November 25. However, altcoin bears are known to have created resistance around $1.6 for the past ten weeks. For this reason, the IOTA price declined and returned to its trend.
Short-term technical indicators for the IOTA token point to increasing bull power. The RSI indicator, on the other hand, appeared in favor of the bullish after a sharp upward attack. It was stated that the DMI lines are on the edge of an intersection in favor of the bull. However, the analyst thinks that the ADX indicator indicates a weak directional trend.