As expected, Bitcoin has finally left its trading range of over USD 55,000 on the price charts in the last few hours. Unfortunately, contrary to expectations, Bitcoin broke southwards, with the world’s largest cryptocurrency falling well below $ 51,000.
Source: Coinstats
The said development had a corresponding effect on companies such as Bitcoin Cash, Stellar Lumens and Neo.
Bitcoin Cash [BCH]
Source: BCH / USD on TradingView
Bitcoin Cash, the popular king coin fork, was one of the many alts to hit the charts this year. BCH posted a YTD return of 271% at the time of going to press. While BCH has been trading within a narrow price range for the past few days, that trend was broken when Bitcoin corrected the charts. Thanks to this, the BCH dropped almost 23% in less than 24 hours.
Some recovery was underway at press time. However, it was too early to tell if this was a trend reversal.
While Parabolic SARs dotted markings were well above the price candles Ingenious oscillator Depicted falling impulse, with the histogram falling below the half line.
The altcoin was in the news recently after Bitcoin Cash Argentina announced a Flipstarter campaign to raise awareness of the cryptocurrency in the country.
Stellar lumens [XLM]
Source: XLM / USD on TradingView
XLM, the cryptocurrency ranked 15th on CoinMarketCap’s list, has seen its price move wrongly in recent months, with numerous price hikes followed by a series of sharp falls. The devaluation caused by Bitcoin in the past 24 hours was only the latest such event. XLM fell over 19% on the charts.
It is worth highlighting here that the trading volume has remained fairly constant over the past trading sessions. Maintaining these levels would be critical to a bullish leg.
While the mouth of the Bollinger Bands was broad enough to predict some price volatility Relative Strength Index held a position near the oversold zone – a sign that sellers are enjoying greater strength in the market.
Needless to say, recent developments like the SDF working with Circle and Visa to give users easy access to their funds in digital wallets have not had any impact on the Alt’s price movement.
Neo [NEO]
Source: NEO / USD on TradingView
With a YTD return of over 565% at press time, Neo was one of the top performers in the crypto market in 2021. However, for the past week, the altcoin has been in a downtrend on the charts. In recent trading sessions, crypto fell nearly 20% on the charts.
It must be noted, however, that the latest price candles showed bullish signals that were accompanied by an increase in trading volume.
While MACD The line moved further below the signal line, well below the histogram Chaikin cash flow held steady near 0.20 – a sign that capital inflows are still prevalent in the market.
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