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]
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]
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’ 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.
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