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As predicted, the altcoin market remains equally correlated to Bitcoin. When the price of BTC plummeted earlier this week, the price of many of the market’s altcoins fell as well. Although some coins have started their turnaround run in recent days, others are also trying to regain their feet.
Bitcoin SV [BSV]
Bitcoin SV suffered a major price decline a few days ago and is now trading at $195 with a market value of more than $3.6 billion. The coin has only earned 3% in the last week. At the time of writing, BSV is trading near its support level of $187, attempting to move closer to the formidable resistance zone of $208-$223 in price.
The coin’s technical indicators are currently positive. The MACD predictor has achieved a bullish crossover, suggesting that the coin’s price will increase. The RSI indicator agrees, as it moves closer to the overbought zone.
Unlike the previous two coins, the demand for DigiByte has been very bullish. The coin has increased by about 27 percent in the last seven days and now trades at $0.072. The price has been slowly rising in recent days and is now approaching the resistance level of $0.076. If the breach attempt fails, the coin will find protection at $0.052.
The Bollinger Bands, according to the coin’s technical metrics, suggest gradually growing uncertainty, since the bands are now diverging. The MACD indicator still seems positive, as it has achieved a bullish crossover, raising the probability of the existing resistance level being broken.
NEM is reportedly ranked 32nd on CoinMarketCap and trades at about $0.377 per token. The coin has a market capitalisation of about $3.4 billion and has seen its price decline by more than 34% in the last week. NEM is currently on a turnaround streak after experiencing a major price decline, but it will face considerable bearish pressure as it reaches its support level of $0.44. If the coin is unable to break through this stage, it may need to rely on its immediate support level of $0.33 to sustain its price.
The EMA ribbons have stabilised above the $0.44 resistance mark, indicating that the price is expected to continue rising. The RSI indicator is bearish because it has now entered the oversold sector.