Bitcoin’s price over the past few days has seen some renewed bullish momentum, enabling the king coin to push past its resistance at around the $10k mark. In the case of altcoins such as Bitcoin SV and Ethereum Classic, their values have fallen over the last few days. However, such a dip in value was not something that affected the altcoin market uniformly.
Bitcoin SV [BSV]
Source: BSV/USD on TradingView
Bitcoin SV saw its trading price drop by over 5 percent over the last 24-hours, pulling its press time trading price to $211. At press time, BSV had a market cap of $3.9 billion and a 24-hour trading volume of $1.6 billion. If the downtrend were to continue, BSV would soon have to rely on the support at $188 to help stabilize its price.
The MACD indicator signaled a further drop in price for BSV after having endured a bearish crossover. The Bollinger Bands were contracting and pointed to lower levels of volatility for the coin’s price. On the development front, it was recently announced that Bitcoin Association had launched a Bitcoin SV Developer Zone in partnership with the Chinese Software Developer Network (CSDN).
Ethereum Classic [ETC]
Source: ETC/USD, TradingView
Ethereum Classic was trading at $$7.1, at press time, after having lost over 6 percent of its trading value in little over a day’s time. The coin had a market cap of $831 million and was placed 22nd on CoinMarketCap’s list. Further, ETC’s price was coming off a minor correction after having failed to breach the resistance at $7.4. If the downtrend were to continue, ETC may soon head towards the support at $6.7 and $6.3.
The MACD indicator for the coin has undergone a bearish crossover and a price drop may be expected. The Stochastic indicator echoed a similar sentiment as it plunged into the oversold zone.
Algorand [ALGO]
Source: ALGO/USD, TradingView
Unlike the previous two altcoins, Algorand posted gains of up to 9.6 percent and was being traded at $0.34. At press time, ALGO had a market cap of $262 million with a 24-hour trading volume of $74 million. The press time trading price found itself closer to the resistance at $0.36, in comparison to the supports at $0.28 and $0.26.
The EMA ribbons had settled just below the trading price of the coin on the charts and were likely to offer support. Further, the Stochastic indicator was in the overbought zone and showed strong bullish momentum for the price of Algorand.
At the start of the month, it had been reported that Algorand had joined the Blockchain Game Alliance and was to help create nonfungible tokens.