Altcoins, more often than not, appear to dance to Bitcoin’s tune, and this has culminated in the altcoin sector recording huge gains over the past few weeks on the back of BTC’s revived bull run. However, in the past few days, there has been some sideways movement in the altcoin market, with famous alts like Bitcoin Cash and Algorand doing the same thing.
The price behaviour of Algorand was identical to that of Bitcoin Cash. At the time of the press, the coin was priced at $1.35 with a market capitalisation of $2.3 billion. Although the coin rose by more than 12 per cent over the past week, there was a marked reversal of the trend as ALGO saw its price dip close to 4 per cent in 24 hours. If the coin is unable to crack the resistance at $1.4, a drop to its immediate support at $1.2 is very possible.
The Bollinger Bands for the coin underscored the lack of volatility for the price of Algorand as the bands had contracted dramatically. The MACD indicator also reported a bearish crossover, underlining an upcoming price drop.
Bitcoin Cash [BCH]
Bitcoin Cash’s price has been trading inside the narrow range that exists between its immediate $774 resistance and its $650 support. At the time of writing, BCH was priced at $717 after a marginal rise of 0.064 per cent in the last 24 hours. BCH had a market capitalisation of over $12 billion and a 24-hour trading volume of $4.3 billion.
The technical indicators for cryptocurrencies have noticed a major drop in bullish momentum and have highlighted the probability of an upcoming price correction. The MACD indicator underwent a bearish crossover, with the RSI going into the neutral zone after spending a lot of time in the overcrowded zone.
Crypto.com Coin [CRO]
At press time, CRO traded at $0.136, with its price fluctuations vastly different from the previous two coins. The price of the coin will soon attempt to cross the $0,138 price range – the amount of the coin last visited in October 2020. If this pattern persists, the buoyant momentum of CRO is likely to maintain itself.
However, if the downtrend is to materialise, the coin may need support at $0.113 to stabilise its price. There was also a support level of $0,089, but a drop to that level seemed impossible.
The EMA Ribbons are likely to provide price support to the coin if there is a price reversal because they have settled below CRO’s press time trading price. Finally, the RSI indicator was very bullish as it stayed in the overcrowded zone.
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