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Following a short 24-36 hour stretch in which Bitcoin dropped by more than 10% on the market charts, the world’s biggest cryptocurrency was in turnaround mode at press time, with a trading price of more than $55,000. The results of its attempts to reverse recent losses, on the other hand, were not consistent around the altcoin market, with Simple Attention Token, Bitcoin Cash, and Compound all failing to post returns.
Bitcoin Cash [BCH]
Bitcoin Cash, the famous fork of the world’s largest cryptocurrency, has seen a lot of topsy-turvy activity in recent weeks, with the current price deflation just the latest in a string of such movements. At the time of publication, though, although many alts in the industry were beginning to rebound, BCH was failing to do so, with the crypto recording only minor gains.
The resulting bearishness was highlighted by the cryptocurrency’s technical indicators, which indicated that although the Parabolic SAR’s dotted markers were well above the market candles, the Chaikin Money Flow began to sink towards zero, implying that capital outflows were increasing.
Although BCH’s inability to equal Bitcoin’s output is unusual, the alt can be predicted to collapse even lower if BTC falls again.
Bitcoin Cash was recently in the news after Switzerland’s 21shares announced that it would list BCH-based ETPs on Deutsche Boerse’s Xetra.
Basic Attention Token [BAT]
BAT, the native token of the Brave browser, has seen a lot of inconsistency recently, with the crypto noticing a string of higher peaks accompanied by sharp downtrends. This has also been the case in recent days, with the BTC-fueled downturn pushing the altcoin lower down the market charts. BAT, for its part, fell by more than 9% in a 48-hour stretch.
BAT, like BCH, has yet to completely regain its losses, with the alt maintaining its status despite being more vulnerable to unpredictable market fluctuations.
BAT’s Bollinger Bands, for example, were expanding somewhat, indicating the possibility of any instability in the near term. On the opposite, the Amazing Oscillator portrayed the creation of a green candle on the histogram, highlighting the bullish revival activities.
In comparison to Bitcoin Cash and BAT, some stabilisation attempts were ongoing on Compound’s market charts, with the last few price candles flickering a few green signals, suggesting that COMP could follow BTC’s lead after all. Such a rebound would be welcome news for the altcoin, particularly because it would follow an 8.3 percent drop on the charts.
When COMP’s technical indicators were taken into account, however, it appeared to be more of a toss-up situation. Despite pointing south, the MACD line was closely intertwined with the Signal line, and the Relative Strength Index was above the 40-mark.
Compound was in the news recently after it announced cross-chain borrowing via the development of Gateway.