Many of the market’s altcoins have seen price dips in the past few trading sessions. With Bitcoin dropping to the $47k price range, it was expected that the altcoin market will see a bit of pull-back. Such has been the case in the past day’s time with the likes of BCH, Tezos, and FTX Token all registering price slumps.
Bitcoin Cash [BCH]
Bitcoin Cash’s price fell by over 2.5 percent in the past 24-hours and the coin currently trades at $691.9. The coin has a market cap of around $12.8 billion making it the 10th largest crypto according to CoinMarketCap’s list. The past few trading sessions saw BCH trade between the confines of its immediate resistance at $715 and its support at $647.
The MACD indicator for Bitcoin Cash had undergone a bullish crossover over a week back and at press time a reversal seems extremely likely. The Stochastic indicator has fallen from the overbought zone and seems to be heading into the oversold zone at the moment.
Tezos’s price mirrored many in the altcoin market. The coin currently trades at $4.63 and is quite close to its strong level of support at $4.3. If the support were to be breached, XTZ can count on another support line around the $3.9 level that can help stabilize the price. There is substantial resistance for XTZ around the $5.1 range if an uptrend were to materialize.
The Bollinger bands are quite apart and indicate ample volatility in the coin’s market. The MACD indicator is bearish with the signal line now above the MACD line.
FTX Token [FTT]
FTX Token has traded mostly sideways in the past week and has stuck to the range between its support at $19.1 and its resistance around the $22 price point. The coin currently trades at $19.8 and saw its price depreciate by close to 5 percent in the past day’s time.
The RSI indicator for the coin is currently in the neutral zone but is heading towards the oversold zone – a sign of sellers taking over the market. The MACD indicator has undergone a bearish crossover and signals a further dip in price for the coin.