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The altcoin market has been under some bearish pressure in recent days. Coins such as Bitcoin Cash, Bitcoin SV, and Binance Coin saw bears control the market at the start of the week, but their long-term output remains promising.
Bitcoin Cash [BCH]
Bitcoin Cash’s price has increased by 3% in the last 24 hours. This is a reaction to the coin’s downturn over the last week as a result of increased bearish pressure in the altcoin sector. BCH was trading at $474.5 at the time of writing and was testing support at $468.
If this range becomes opposition, the coin could face another price decline, bringing BCH’s value all the way down to $424. The $590 price range appears to be extremely resistant; if an uptrend occurs, BCH will have to attempt to break through this stage.
Bollinger Bands were very large a few weeks ago and have since shrunk dramatically, suggesting low volatility in the BCH industry. The MACD indicator crossed to the downside, indicating a short-term price reversal for the coin.
Bitcoin SV [BSV]
Over the last month, the price of Bitcoin SV has become more volatile. A few days ago, the market’s heavy bearishness forced the price down; BSV was trading at $194. The coin is currently close to the $180 support level, and if the price bounces back and begins a turnaround streak, it will soon have to attempt a break of the $215 price point. Taking prior precedents into consideration, it is clear that the $215 – $254 range would face considerable opposition.
The MACD indicator has just undergone a bearish crossover; however, a pattern turnaround for the coin cannot be ruled out at this point. The RSI measure, on the other hand, stayed in the neutral sector, far from the oversold zone.
Binance Coin [BNB]
Binance Coin’s price fell by 8% in the previous week, but at the time of publication, the coin was on a turnaround streak and was priced at $242.3. The next major resistance stage that BNB could overcome is $295. At $223, the coin has a lot of help. If bearish pressure is exceptionally high, BNB should exercise caution in this range since the next good level of support is about $122. However, the odds of such a precipitous drop are currently zero.
The EMA ribbons have settled below the present trading price and are providing help in the $223 price band. The MACD tracker, on the other hand, indicates a heavy bearish outlook as it proceeds to fall despite registering a bearish crossover.