The altcoin market has had to endure some declining pressure in the past few days. For coins like Bitcoin Cash, Bitcoin SV and Binance Coin, the bears dominated the market at the beginning of the week. However, their long-term performance continues to look promising.
Bitcoin Cash [BCH]
Source: BCH / USD, TradingView
The price of Bitcoin Cash rose 3 percent in the past 24 hours. This is in response to the coin’s devaluation over the past week as a result of mounting declining pressure in the altcoin market. At the time of writing, BCH was trading at $ 474.5 and testing the support at $ 468.
If this area is flipped to resistance, the coin may have to deal with another drop in price, bringing the valuation of BCH down to $ 424. The $ 590 price range continues to face immense resistance. Should there be an uptrend, BCH may have to try to break above this level.
The Bollinger Bands were quite wide a few weeks ago and have decreased significantly at the time of writing, indicating little volatility in the BCH market. The MACD indicator experienced a bearish transition and signaled a short-term price correction for the coin.
Bitcoin SV [BSV]
Source: BSV / USD, TradingView
Bitcoin SV price development has resulted in increased volatility over the past month. A few days ago the sharp bear market drove the price down; BSV was trading at $ 194. The coin is currently close to the support at $ 180. Should the price recover and initiate a recovery run, an attempt must soon be made to exceed the price range of USD 215. With previous precedents in mind, it is clear that the $ 215-254 range is facing a lot of resistance.
The MACD indicator has just passed a bearish crossover. However, a trend reversal for the coin cannot currently be ruled out. The RSI indicator, on the other hand, was still in the neutral zone, far from the oversold zone.
Binance coin [BNB]
Source: BNB / USD, TradingView
The price of Binance Coin has fallen 8 percent in the past week. However, at the time of writing, the coin was on a rally and was trading at $ 242.3. The next major level of resistance that the NBB has to deal with is $ 295. There is strong support for the coin at $ 223. In case the bearish pressure is extremely high, the NBB needs to be cautious in this area as the next strong support level is at USD 122. However, the chances of such a drastic decline are currently negligible.
EMA bands have settled below the current trading price and offer support in the $ 223 price range. The MACD indicator, on the other hand, signals a strong bearish sentiment, as it continues to decline after registering a bearish crossover.
Sign up for our Newsletter
Comments are closed.