The altcoin market as expected continues to be fairly correlated to Bitcoin. Earlier in the week, when BTC’s price dropped, many of the market’s altcoins too saw a price drop. In the past few days, while some coins have begun their recovery run, some coins are still struggling to find their footing.
Bitcoin SV [BSV]
Bitcoin SV endured a significant price slump a few days back and is currently trading at $195 with a market cap of over $3.6 billion. During the course of the past week, the coin has been able to only register a 3 percent hike on the charts. At the time of writing BSV is trading close to its support at $187 as it attempts to head closer to the formidable resistance around the $208-$223 price range.
The technical indicators for the coin currently look promising. The MACD indicator has undergone a bullish crossover and signals a price rise for the coin. The RSI indicator concurs as it continues to head closer to the overbought zone.
NEM currently occupies the 32nd spot on CoinMarketCap’s list and currently trades at around $0.377. The coin has registered a market capitalization of around $3.4 billion and saw its price drop by over 34 percent in the past week. After enduring this massive price drop, NEM is currently on a recovery run but has to endure significant bearish pressure as it heads towards its resistance level at $0.44. If the coin is unable to breach this level the coin may require the help of its immediate support at $0.33 to stabilize its price.
The EMA ribbons have settled above the $0.44 resistance level and is likely to oppose the climbing price. The RSI indicator looks bearish as it has now fallen well into the oversold zone.
Unlike the previous two coins, the market has been quite bullish in the case of DigiByte. In the past 7-days, the coin surged by around 27 percent and currently trades at $0.072. The price has been climbing steadily in the past few days and is now testing the resistance at $0.076. If the attempted breach were to fail, the coin can take support at $0.052.
According to the coin’s technical indicators, the Bollinger Bands indicate gradually increasing volatility, as the bands are now diverging. The MACD indicator also looks promising as it has undergone a bullish crossover and adds to the chances of the current resistance level being breached.