After a brief 24-36 hour period that saw Bitcoin drop by over 10% on the price charts, the world’s largest cryptocurrency was in recovery mode at press time with a trading price of over $55,000. The effects of its efforts to reverse recent losses weren’t uniform across the altcoin market, however, with the likes of Bitcoin Cash, Basic Attention Token, and Compound all struggling to post gains.
Bitcoin Cash [BCH]
Bitcoin Cash, the popular fork of the world’s largest cryptocurrency, has seen a lot of topsy-turvy movement over the past few weeks, with the latest depreciation in price just another in a series of such movements. At press time, however, while many alts in the market were taking the first steps towards recovery, BCH was struggling to do so, with the crypto recording barely any gains of note.
The ensuing bearishness was underlined by the crypto’s technical indicators as while the Parabolic SAR’s dotted markers were well above the price candles, the Chaikin Money Flow continued to fall towards zero, a sign of capital outflows gaining strength.
While BCH not climbing to the tune of Bitcoin’s performance is odd, the alt can be expected to fall even further if BTC drops again.
Bitcoin Cash was in the news recently after Switzerland’s 21shares revealed that it will be listing BCH-based ETPs on Deutsche Boerse’s Xetra.
Basic Attention Token [BAT]
BAT, Brave browser’s native token, like BCH, has seen a lot of inconsistent movement lately, with the crypto noting a series of higher highs followed by sharp downtrends. Such has been the case over the past few days too, with the BTC-fueled depreciation pulling the altcoin further down the price charts. BAT, for its part, dropped by over 9% in a 48-hour period.
Like BCH, BAT was yet to fully recover its losses, with the alt holding its position despite being susceptible to more volatile price movements.
BAT’s Bollinger Bands, for instance, were widening slightly to project the likelihood of some volatility in the near-term. On the contrary, the Awesome Oscillator pictured the formation of a green candle on the histogram, one underlining the bullish efforts at recovery.
Contrary to the likes of Bitcoin Cash and BAT, some efforts at recovery were earnestly afoot on Compound’s price charts, with the last few price candles flashing a few green signals which suggested that COMP might take BTC’s lead after all. Such a recovery would come at a good time for the altcoin, especially since it would come on the back of an 8.3% depreciation on the charts.
It seemed to be more of a touch-and-go situation when COMP’s technical indicators were taken into consideration, however. While the MACD line was closely intertwined with the Signal line, the Relative Strength Index was above the 40-mark despite pointing south.
Compound was in the news recently after it announced cross-chain borrowing via the development of Gateway.