Altcoins, more often than not, tend to dance to the tune of Bitcoin, which has led the altcoin market to register substantial gains in recent weeks thanks to the resumption of the BTC bull run. However, the past few days have seen a bit of sideways movement in the altcoin market, with popular alts such as Bitcoin Cash and Algorand doing the same.
Bitcoin Cash [BCH]
Bitcoin Cash’s price has traded in the narrow range that exists between its immediate resistance at $ 774 and support at $ 650. At the time of writing, BCH is valued at $ 717 after registering a marginal 0.064% rise in the past 24 hours. BCH had a market capitalization of over $ 12 billion while having a 24-hour trading volume of $ 4.3 billion.
Technical indicators for the cryptocurrency noted a significant decline in the bullish momentum and pointed to the possibility of a price correction ahead. The MACD the indicator has undergone a bearish cross, with the RSI move towards the neutral zone after spending a lot of time in the overbought zone.
Algorand’s price action was akin to that of Bitcoin Cash. At the time of going to press, the coin was trading at $ 1.35 with a market cap of $ 2.3 billion. As the coin has jumped over 12% over the past week, a sharp trend reversal has occurred as ALGO saw its price drop almost 4% in 24 hours. If the coin is unable to break through the resistance at $ 1.4, a drop from its immediate support to $ 1.2 is very likely.
The Bollinger bands as the coin highlighted the lack of volatility in Algorand’s price as the bands contracted considerably. The MACD The indicator also recorded a bearish cross, signaling an upcoming price drop.
Crypto.com coin [CRO]
CRO was trading at $ 0.136 with its price movement very different from the previous two coins. The coin’s price will soon attempt to break through the $ 0.138 price range. A level that the coin last reached in October 2020. If this trend continues, CRO’s bullish momentum is likely to continue.
However, if a downtrend materializes, the coin may need the help of the support at $ 0.113. This will stabilize its price. There was also a support level at $ 0.089. However, a decline to such a level seemed unlikely.
The EMA tape are likely to offer the coin’s price support if a price correction occurs because they had settled below the CRO’s press hour trading price. Finally, the RSI The indicator was rather bullish as it remained in the overbought zone.
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