Bitcoin Cash ($BCH) positions itself as a user-friendly solution for daily transactions, boasting minimal fees and swift confirmations, ideal for routine purchases and micro-transactions.
Despite its designed convenience, concerns are surfacing as traders exhibit Fear, Uncertainty, and Doubt (FUD) towards assets like Bitcoin Cash and Loopring, reflected in a surge of short positions on Binance after this week’s significant crypto market downturn.
📊 #BitcoinCash and #Loopring are among the assets that are being shorted on #Binance after the #crypto markets dropped heavily this week. They are already showing signs of bounces, and short #liquidations would only act as rocket fuel if markets recover. https://t.co/zXnFzq9ll1 pic.twitter.com/6qYIzxpt1z
— Santiment (@santimentfeed) January 24, 2024
Both Bitcoin Cash and Loopring are already displaying signs of potential rebounds, and any short liquidations could serve as a catalyst if market conditions improve.
$BCH And $LRC Price Action To Watch
Over the past 7 days, Bitcoin Cash ($BCH) and Loopring ($LRC) have experienced losses of 7% and 10%, respectively. As Loopring currently hovers at $0.23, analysts point out the emergence of lower highs in Loopring’s Daily Supertrend signal.
The token has breached the 50-day and 20-day Moving Averages (MA), with the 200-day MA support now under threat. A decisive drop below the 200-day MA could propel Loopring below the 20-cent mark, prompting traders to consider buying at this price level.
#Loopring Daily Supertrend signal has been confirmed today and starting to print lower highs. We have broken below the 50 & 20Day MA with the 200MA support being threatened. A break below the 200MA sends this below 👇.20 cents where all of you should be loading the bags. A retest… pic.twitter.com/5PKHnmo47E
— ₿ᴜʟʟʀᴜɴɴer77 (@BullRunnner77) January 23, 2024
In this landscape of market uncertainties and shifting sentiments, the fate of Bitcoin Cash and Loopring remains closely tied to the broader crypto market trends, where rebounds and liquidations contribute to the ongoing narrative of price movements.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: zeferli/123RF // Image Effects by Colorcinch