The XCH/BTC pair shows its bearish side on Satoshis, as the eco-crypto Chia drops to 96% its initial trading value since its original launch. But there are bearish and bullish sides to every trade.
- Chia Coin investors are expecting a trend reversal signal so that they can sell the XCH coin as soon as possible.
- The XCH token recorded an all-time low of $63.6 on March 17th, with the bears attempting to dump the asset again.
- The price action of the XCH/BTC pair is noticeable at 0.0001561 Satoshis with a decline of 4%.
Chia Coin has been doomed for long-term investors since its inception. Investors have been facing a steady decline and holders have lost almost 96% of their value since the ATH mark of $1934. The bulls do not see any future with the Chia coin and they get away with this coin.
Chia Coin appears to be in a strong bearish zone and price action of the coin is providing a descending parallel channel in terms of the daily price chart. The bulls attempted to bounce back from their all-time low last night, but the bears turned aggressive again and threw the coin today. At the time of writing, XCH is trading down 3.5% at $69.5 according to Tradingview. The same as, the XCH/BTC pair is trading at 0.0001561 Satoshis with a decline of 4%.
However, the bulls are feeling safe above the $63.6 low, which acts as a support till the bulls lose it. During a downtrend, the volatility in trading volume indicates the strength of the bears. Last night, XCH saw a 42% drop in trading volume. Furthermore, the volume to market capitalization ratio is 0.593.
Is There Any Hope For XCH Buyers To Reverse Trends?
The super trend indicator has been expanding lower with the red indication zone for a long time and bulls failed to sustain the XCH coin’s price above it multiple times.
Chia coin price was seen below the major moving averages for a long time, but yesterday the bulls attempted to push the coin price above the 20- and 50-EMA lines. But failed to break above the 50-EMA and the price got stuck between the 20- and 50-EMA lines.
The RSI trapped buyers after holding above the halfway mark (50-mark). It looks like the RSI is again going to stay below the 50 level in terms of the daily price chart.
Conclusion
Chia investors are expecting a trend reversal song but every attempt turns into a sell-off. Now the bulls need to manage the XCH coin price above the recent lows.
Support level – $65 and $50
Resistance level – $80and $100
Recently, the Relative Strength Index (RSI) took support at the half-line (50-point) before moving higher. Now the RSI is at 65-level and is going to move into an overbought area on the daily price graph.
Via this site.
