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Analysis Coin, BitTorrent, Decred Price Analysis: 29 March



Source: Pixabay

The cryptocurrency market has been a witness to increased volatility and often this volatility was visible in the altcoin market, independent of Bitcoin’s price. The current picture of most alts noted the strong surge in the value followed by either a phase of consolidating price or was awaiting a massive price swing.

The alts like Coin [CRO], BitTorrent [BTT], and Decred [DCR] have been indicating a level of bullishness in the market that was being taken over by the sellers. Coin [CRO]

Source: CROUSD on TradingView

The above chart of [CRO] indicated that the price of the digital asset has been surging since mid-February. This bullish market has remained close to being overbought even in March as indicated by the relative strength index. However, it has now dropped down to 54, which was closer to equilibrium.

Whereas, the 50 moving average has remained under the price bars suggesting that the price was on an uptrend. However, this uptrend was losing momentum as the MACD indicator flipped. The MACD line dunked under the signal line, highlighting the bearish sentiment in the market.

BitTorrent [BTT]

Source: BTTUSD on TradingView

The value of BTT has crossed multiple levels of resistances to hit $0.0035 in the recent past. The digital asset has been trading above the 50 moving average since the beginning of February, which noted the strong uptrend witnessed in the price.

Whereas, the relative strength index was already in the overbought zone as the buyers saturated the market. Currently, the value of RSI was 71, and it may witness a sudden sell-off to stabilize the value of the digital asset.

Whereas, the momentum, unlike most other alts markets was high which could aid in a potential trend reversal.

Decred [DCR]

Source: DCRUSD on TradingView

The Decred value has also noted a strong upwards curve supporting the value of the digital asset. However, DCR has now entered a consolidatory phase that resulted in its value moving along the support at $153.78.

Meanwhile, the RSI suggested that the market was more or less maintaining equilibrium as buyers and sellers evened each other out.

However, as the selling pressure builds in the market, the money may start flowing out of the market as indicated by the dropping value of the Chaikin Money Flow. Although bullish, there could be a bearish impact on the price of the altcoin as money flows out.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.