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The March 12 Bitcoin plummet was a collectively woeful period for altcoins as well. With the premier cryptocurrency holding over 60 percent of the total coin market, altcoins bleed with Bitcoin, and now are seeing a resurgence.

At press time, Bitcoin Cash, NEM and Dash are vying for a breakout of their respective individual wedges, with some buying pressure acting as a foundation. However, if a move-up were to be charted, the buys would need to come in thick and fast.

Bitcoin Cash

The medium of exchange to Bitcoins store of value, and fifth-largest cryptocurrency in the market has been trading upward since March 16, to March 20, but since then hit a snag. Bitcoin Cash after reaching resistance of $242, bounced off and began moving down. The altcoin, since the high, has lost 11 percent of its value, dropping to $213 in the interim.

Looking below, immediate support lies at $201 above which is the base of the wedge, which also bears significance. In the longer-term, the $164 level should be looked at with caution as BCH dipped below and rose above it on two occasions between March 12 to March 16.

Indicators-wise, MACD or the moving average convergence divergence has seen a movement of the MACD line over the Signal line and if this pressure continues, it should move over 0, indicating more buying pressure.

Nem

Nem [XEM] also faces a similar predicament of moving within the wedge, away from its base. The wedge in question has been forming since before the March 12 drop, which shaved over a fourth of the altcoins value.

However, the altcoin has mounted a strong recovery from March 16. This recovery and subsequent sideways trading has resulted in the formation of a short-term support level at $0.0355, which at press time price was only marginally trading above by a mere 5.71 percent. Long-term support looms at $0.0301, formed earlier in the month.

Relative Strength Index [RSI] is healthy at 52, right in the middle of the channel, and has been rising consistently over the past two days, suggesting steady buying pressure.

Dash

Unlike the other two altcoins, Dash [DASH] is trading within a parallel channel, a relatively better sign than the back-and-forth movement for the rest of the market. Since the March 16 recovery, the altcoin has been trading with the range $61.6 to $76.7, where only once did it brush the roof, on March 20, and three occasions after when the floor was almost breached [once on March 23 and twice on March 28].

Going by this parallel movement, the immediate support and resistance points are placed on either ends of the channel in the short-term.

Bollinger Bands suggest that the volatility of the altcoin has dropped, as the bands are now closer together. The coins current price-candlesticks are trading over the average line, indicating a bullish move.

Read more from the original source:
Dash, NEM and Bitcoin Cash price: Altcoins recover post breakdown - AMBCrypto