Bitcoin Cash, Ontology, FTT Price Analysis: 05 November

  • 05 November 2020, Thursday, 20:06
Bitcoin Cash, Ontology, FTT Price Analysis: 05 November
Source: Pixabay

Bitcoin Cash is leading in the monthly returns category with a 5.99% surge, following it is FTX’s FTT with a -5.16% while ONT has suffered a lot with 34.54% drop since October 1.

Let’s take a look at how these coins might perform in November.

Bitcoin Cash [BCH]

Source: BCHUSD TradingView

The 4-hour chart showed BCH was in a downtrend, however, the support at $238 has played a crucial role in preventing further downfall. The RSI indicator indicated a small bullish divergence, which allowed BCH to surge from $230 to $248 on November 4.

The OBV indicator showed a good volume for this surge. However, as of this writing, the coin seems to be facing a block in its path. Breaching this would be bullish and failing to so will cause a retest of the aforementioned support.

Ontology [ONT]

Source: ONTUSD TradingView

Ontology has not surged in quite a while; its drop in the last month was brutal and has pushed its price down by 40%. The situation doesn’t seem to look good even now and the token might drop further down. The MACD indicator showed a bullish crossover at press time, however, the Stochastic RSI showed a bearish crossover in the overbought zone.

Should ONT drop more, it will retest the lowest [red] line as seen in the chart above.

FTX Token [FTT]

Source: FTTUSD TradingView

FTT token hasn’t shown much volatility as the coin suffered only a -5% drop in the last month. Although the coin saw a sudden drop at the start of November, the bearishness isn’t finished yet.

There is a small bearish divergence between the price and the OBV at the 4-hour time frame. Since it is a small one, it might push the price down by 3% tops. However, an eye should be kept on BTC and if it continues to rise. If BTC surges then the altcoins will suffer and will drop.