After Bitcoin hit the $ 60,000 mark last week, many expected the king coin to consolidate below the same mark before hitting another rally on the charts. However, this did not happen. Instead, BTC corrected again, falling below the $ 50,000 level at press time after falling over 8% in just 12 hours. This move had a corresponding effect on alts like Bitcoin Cash, Bitcoin SV and Binance Coin.
Bitcoin Cash [BCH]
Due to the price devaluation of BTC, Bitcoin Cash also fell into the charts, with trading in cryptocurrencies at the time of going to press just above the price level at the beginning of April. In fact, the fork coin fell over 17% in less than 24 hours. With the altcoin now far from its local peak, a short-term uptrend seemed unlikely, especially given the bear market in the broader market.
The extent of the corrections in the BCH market was determined by the technical indicators of the crypto as Parabolic SARs dotted markings were positioned above the price candles while Relative Strength Index headed towards the oversold zone – a sign that the market sellers were gaining strength.
Previous analysis had predicted that BCH’s near-term pricing wealth would depend on whether it will be able to break through its resistance level. Although crypto was able to do so, it was unable to sustain this breach thanks to Bitcoin’s market movement. As expected, BCH fell below the $ 800 level.
Bitcoin SV [BSV]
Bitcoin SV lost nearly 29% of its value in the past 36 hours, with Bitcoin’s recent corrections adding to the chart’s losses. Since BSV has been mimicking the price movement of the king coin for a long time, it is unlikely that a trend reversal will take place independently of Bitcoin. This would require a bigger spike in the volume of trade that the altcoin has been grappling with lately.
The bear market in the Bitcoin SV market was evidenced by the results of its indicators. MACD Line deviates from the signal line while Awesome oscillator The histogram flashed bearish signals despite an increase in recent market momentum.
The ongoing bearish period is expected to be temporary. Ergo, the cryptocurrency market and, in a broader sense, Bitcoin SV are likely to recover soon. This could be one of the reasons some have argued that this could be a good time to start making profits in BSV.
Binance coin [BNB]
Binance Coin was one of the top performers in 2021, with crypto ranking 3rd on CoinMarketCap’s charts. As the world’s largest exchange token, the BNB has seen exceptional growth this year with the same YTD yield of 1,364% at the time of going to press. Like most Alts, the BNB was hit by the market corrections led by Bitcoin. In the larger scheme of things, however, the old man still got along better.
Binance Coin fell nearly 13% in the past 12 hours alone, with the crypto being observed to trade around the $ 500 level.
Altcoin’s indicators were ambivalent, although it had lost value in recent trading sessions. While the mouth of the Bollinger Bands held steady to indicate some level of price volatility, Chaikin cash flow was heading north to highlight the strength of capital inflows.
Despite recent market corrections, the BNB can be expected to revive its rally, especially as the Alt holds on to above the $ 400 level.
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