Altcoins, more often than not, tend to dance to Bitcoin’s tune and this has resulted in the altcoin market registering substantial gains over the past few weeks on the back of BTC’s revived bull run. However, the past few days did see a bit of sideways movement in the altcoin market, with popular alts such as Bitcoin Cash and Algorand doing the same.
Bitcoin Cash [BCH]
Bitcoin Cash’s price has been trading within the narrow range that exists between its immediate resistance at $774 and its support at $650. At the time of writing, BCH was valued at $717 after having registered a marginal hike of 0.064 percent in the last 24 hours. BCH had a market capitalization of over $12 billion while having a 24-hour trading volume of $4.3 billion.
The technical indicators for the cryptocurrency noted a significant drop in bullish momentum and highlighted the possibility of an upcoming price correction. The MACD indicator underwent a bearish crossover, with the RSI heading into the neutral zone after having spent a lot of time in the overbought zone.
Algorand’s price action was akin to that of Bitcoin Cash. At press time, the coin was trading at $1.35 with a market capitalization of $2.3 billion. While the coin surged by over 12 percent over the past week, a clear trend reversal had taken place as ALGO saw its price dip by close to 4 percent in 24 hours. If the coin is unable to breach the resistance at $1.4, then a drop to its immediate support at $1.2 is very likely.
The Bollinger Bands for the coin highlighted the lack of volatility for Algorand’s price as the bands had contracted significantly. The MACD indicator also registered a bearish crossover, underlining an upcoming price drop.
Crypto.com Coin [CRO]
CRO was trading at $0.136 at press time, with its price movement vastly different from the previous two coins. The coin’s price will soon attempt to breach the $0.138 price range – a level the coin last visited in October 2020. If this trend continues, CRO’s bullish momentum is likely to sustain itself.
However, if a downtrend were to materialize, the coin may need the help of the support at $0.113 to stabilize its price. There was also a support level at $0.089, however, a drop to such a level seemed unlikely.
The EMA Ribbons are likely to offer the coin’s price support if a price correction happens since they had settled below CRO’s press time trading price. Finally, the RSI indicator was quite bullish since it remained in the overbought zone.