Many of the market’s altcoins have seen price dips in the last few trading sessions. With bitcoin falling to the $47k price range, it was expected that the altcoin market would see some pull-back. Such has been the case in the past day with the likes of BCH, Tezos, and FTX Token, both price slumps in the ledger.
Bitcoin Cash [BCH]
Source: BCH/USD, TradingView
BItcoin Cash’s price has fallen by more than 2.5 percent over the last 24 hours and the coin currently trades at $691.9. The coin has a market cap of around $12.8 billion, making it the 10th largest crypto according to the CoinMarketCap list. In the last few trading sessions, BCH traded between the limits of its immediate resistance at $715 and its support at $647.
The MACD indicator for Bitcoin Cash had experienced a bullish crossover over a week ago, and a reversal appears highly probable at press time. The Stochastic indicator has fell from the overcrowded zone and seems to be heading towards the overcrowded zone at the moment.
FTX Token [FTT]
Source: FTT/USD, TradingView
FTX Token traded largely sideways in the past week and kept to the range between its $19.1 support and its $22 price point resistance. The coin currently trades at $19.8 and saw its price fall by almost 5% in the past day.
The RSI coin indicator is currently in the neutral zone but is moving towards the oversold zone – a warning that sellers are taking over the market. The MACD indicator has experienced a bearish crossover and signals a further dip in the price of the coin.
Tezos [XTZ]
Source: XTZ/USD, TradingView
Tezos’ price was reflected by many in the altcoin industry. The coin currently trades at $4.63 and is close to its solid $4.3 support stage. If support has been breached, XTZ can rely on another $3.9 support line that can help stabilise the price. There is significant resistance to XTZ around the $5.1 region if the uptrend is to materialise.
The Bollinger bands are very distinct and display a great deal of uncertainty in the coin market. The MACD indicator is bearish with the signal line above the MACD line.
196 Interactions, 6 today
Bitcoin’s strong correlation with the rest of the altcoin market was in full display over the last few days. When Read more
Tezos broke above 0.5 Fibonacci mark, targeting 0.618 and 1-levels at the back of its bullish on-chain metrics. Further down Read more
Although gains in the wider crypto sector have been steady over the past week, a small pullback in market leaders Read more
The last few days have demonstrated Bitcoin's dominance in the rest of the crypto-market. Until BTC hiked to crack the Read more