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Over the last few hours, Bitcoin eventually broke out of its trading range above $55,000 on the price charts, as predicted. Unfortunately, Bitcoin broke off in the opposite direction of hopes, with the world’s biggest cryptocurrency dropping far below $51,000.
The said development had a corresponding effect on the likes of Bitcoin Cash, Stellar Lumens, and Neo.
Bitcoin Cash [BCH]
Bitcoin Cash, the famous fork of the king coin, has been one of the many alts to climb the charts this year, with BCH recording YTD returns of 271 percent at the time of publication. Though BCH did trade within a narrow price range in recent days, the pattern was broken when Bitcoin corrected on the charts. BCH dropped by almost 23% in less than 24 hours as a result of the same.
At the time of publication, some recovery was underway. However, it was too early to tell if this was a pattern turnaround.
Although the dotted markers on the Parabolic SAR were just above the price candles, the Awesome Oscillator showed declining momentum, with the histogram slipping below the half-line.
The altcoin was recently in the news after Bitcoin Cash Argentina announced a Kickstarter campaign to increase cryptocurrency awareness in the nation.
Stellar Lumens [XLM]
XLM, the 15th most valuable cryptocurrency according to CoinMarketCap, has had a volatile trading history in recent months, with several price increases accompanied by a string of dramatic drops. The Bitcoin-fueled depreciation over the last 24 hours was just the most recent example, with XLM falling by more than 19 percent on the charts.
It’s worth noting here that trading rates have been relatively stable over the last few trading sessions. Maintaining these standards is critical for a bullish leg.
Although the Bollinger Bands’ mouth was large enough to project any incoming price uncertainty, the Relative Strength Index was near to the oversold zone – an indication of sellers experiencing greater market strength.
Needless to add, recent advancements such as the SDF’s collaboration with Circle and Visa to provide consumers with quick access to their funds in digital wallets have had little effect on the alt’s price movement.
At press time, Neo had YTD returns of over 565 percent, making it one of 2021’s top performers in the crypto-market. However, over the last week or so, the altcoin has been on a downward trajectory on the markets, with the currency down by almost 20% in the last few trading sessions.
However, the last few market candles were flickering bullish cues, which were followed by jumps in trading volumes.
Although the MACD line began to fall below the Signal line and far below the histogram, the Chaikin Money Flow remained stable at around 0.20, indicating that capital inflows were still prevalent in the market.