BitTorrent, Coin, Decred Price Movement Analysis for 29th March, 2021

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The cryptocurrency market has seen heightened volatility, and this volatility is also evident in the altcoin market, irrespective of Bitcoin’s price. Most alts’ current picture saw a strong surge in valuation followed by either a period of market stabilisation or an imminent major price swing.

Alts such as BitTorrent [BTT], Coin [CRO], and Decred [DCR] have been showing a degree of bullishness in the sector that has been dominated by sellers.

BitTorrent [BTT]

In the recent past, the value of BTT has broken through several stages of resistance to reach $0.0035. Since the beginning of February, the digital commodity has been trading above the 50-day moving average, indicating a clear uptrend in the market.

The relative strength index, on the other hand, was still in the overbought range as investors flooded the market. The current value of the RSI is 71, and it may experience a sudden sell-off in order to stabilise the value of the digital asset.

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In contrast, unlike most other altcoin markets, momentum was strong, which could help in a possible pattern turnaround. Coin [CRO]

Source: CROUSD on TradingView

The above [CRO] chart shows that the digital asset’s price has been rising since mid-February. Also in March, the relative strength index showed that the bullish market was close to being overbought. It has now fallen to 54, which is near to equilibrium.

The 50 moving average, on the other hand, has stayed below the price bars, showing that the price was in an uptrend. This uptrend, though, was losing steam as the MACD indicator flipped. The MACD line dipped below the signal line, reflecting the market’s bearish mood.

Decred [DCR]

Source: DCRUSD on TradingView

The Decred valuation has also seen a clear upward trend, bolstering the digital asset’s value. DCR, on the other hand, has now entered a consolidation process, with its valuation travelling along the help at $153.78.

Meanwhile, the RSI indicated that the market was in a state of equilibrium as buyers and sellers balanced each other out.

However, as selling pressure builds in the market, money may begin to flow out, as suggested by the declining value of the Chaikin Money Flow. While bullish, there could be a bearish effect on the altcoin’s price as money flows out.

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