Cosmos, SAND and Bitcoin Cash price analysis: January 10

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Bitcoin Cash and SAND correlated with the wider market trajectory and fell below their 4 hour 20-50-200 SMA. They hit their multi-week lows on January 8 as the 20 SMA presented an immediate hurdle.

On the other hand, Cosmos hit its 15-week high on January 7. However, over the past few days it has formed a double top and hinted at a decrease in buyer influence.

Cosmos (ATOM)

Source: TradingView, ATOM / USDT

After a reversed head and shoulders, ATOM saw an expected breakthrough from the $ 32.5 mark. The alt jumped over 35% (as of Jan.1) and hit a 15-week high on Jan.7. This tilt helped ATOM recover its 23.6% Fibonacci support at $ 36.

After retesting the $ 32.5 support for more than seven weeks, the bulls have finally started a sustained breakthrough over the past four days.

However, the alt has formed a double top over the past five days as bears provided resistance at $ 43. Now, as the 20 SMA (red) fell below the 50 SMA (gray), the bears seemed to increase their influence.

At time of printing, ATOM was trading 17.9% below its ATH at $ 36.79. The RSI has always marked lower peaks and plunged below the midline. The AO remained below the midline after forming bearish twin peaks above the zero line.

The sandbox (SAND)

Source: TradingView, SAND / USDT

SAND bulls broke through 38.2% Fibonacci resistance as it recovered crucial $ 6.03 support after forming an upward wedge (green, reversal pattern).

Since then, SAND has seen a 35.75% retracement until it hit its three-week low on January 8. Any further withdrawal would find support at $ 4.44. The 20-SMA (red) acted as an excellent resistance over the past week as the Bulls struggled to counter him.

At time of printing, the alt was trading at $ 4.6783. The RSI was at 41 and has continued to find near-equilibrium resistance over the past 13 days. While the DMI hinted at a bearish preference, the ADX was showing a weak directional trend for SAND.

Bitcoin Cash (BCH)

Source: TradingView, BCH / USDT

The failure of the bearish flag (yellow) pushed the price of BCH below the resistance of 38.2%. The bulls failed to maintain the $ 419 support while the bears retested it multiple times. Price action has seen a sustained decline below this level for the first time in over a year now.

The alt swung into a descending (white) channel and lost again the vital resistance of $ 387.2 (previous support) to hit its five week low on January 8. The immediate test level for the bulls was at the upper channel level which coincided with the 20 SMA (red).

At time of printing, BCH was trading below its 20-50-200 SMA at $ 373.9. The RSI struggled to find a convincing close above the 38 point resistance. Moreover, the DMI confirmed the previous analysis by showing a bearish bias.

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