Many of the crypto-market’s altcoins saw their values fall as Bitcoin endured a 10 percent drop on the charts. While the fallout hasn’t been uniform, popular altcoins like Bitcoin SV, Cosmos, and Enjin Coin all saw their prices depreciate, with some noting losses of up to 11 percent.
Bitcoin SV [BSV]
Source: BSV/USD, TradingView
Bitcoin SV’s price fell by close to 7 percent in the last 24 hours. The coin, at press time, was trading at $179.2 with a market cap of over $3.3 billion. If an uptrend were to start for BSV, the coin’s price will have to battle two strong levels of resistance at $185 and $198. However, if the price correction were to sustain for BSV, it can count on the supports at $170 and $159.
A move to its first support was projected by BSV’s technical indicators since both displayed bearish sentiment for the coin’s price. The MACD indicator underwent a bearish crossover while the RSI indicator was closer to the oversold zone.
Bitcoin SV’s Craig Wright was recently in the news after he sent legal notices to two websites – Bitcoin.org and Bitcoincore.org, to take down the Bitcoin whitepaper alleging copyright infringement.
Cosmos [ATOM]
Source: ATOM/USD, TradingView
Cosmos, at press time, was ranked 26th on CoinMarketCap’s list with a market cap of $1.5 billion and a trading price of $7.5. The coin registered a 9 percent price drop during the course of the day, before slowly bouncing back. The coin’s trading price came very close to testing its immediate support at $7, with the same moving north since. If the uptrend sustains itself, ATOM will soon witness resistance around the $8.8-price range.
The Bollinger Bands for the coin were expanding significantly and underlined the increased presence of price volatility, something that can help the coin ensure that its uptrend holds strong. The RSI indicator was also moving away from the oversold zone and into the neutral zone.
Enjin Coin [ENJ]
Source: ENJ/USD, TradingView
Enjin coin saw its price surge substantially over the past week, registering a rise of close to 90 percent on the charts. However, akin to the previous two coins, its short-term price action was heavily influenced by BTC’s price. This led ENJ to register a 9 percent drop in the past 24 hours. The coin was close to testing the support at $0.38 and had two strong supports at $0.311 and $0.218, at press time.
The technical indicators looked bearish and signaled that the price might drop even further. The MACD line was below the Signal line while the Stochastic indicator plunged into the oversold zone.