The cryptocurrency market noted a minor resurgence a few days ago after Bitcoin, the world’s largest cryptocurrency, broke from its stagnant price movement to post gains. The altcoin market was quick to follow, with the resurgence coming at a good time for the likes of altcoins such as Bitcoin Cash, Tezos, and STEEM.
Bitcoin Cash [BCH]
Bitcoin Cash, the popular fork of BTC, has enjoyed a topsy-turvy price movement over the past few months. In fact, despite repeated attempts to sustain an uptrend, at the time of writing, BCH was continuing to trade at a price that was well below its resistance level, a price level last visited in the first week of June.
Like most alts, BCH followed Bitcoin’s lead when the latter registered a hike on its charts. In fact, BCH’s 6% hike over the last few days came on the back of a 6.4% fall that preceded it.
The aforementioned uptick did make an impact on Bitcoin Cash’s technical indicators as well, with both the Parabolic SAR and Relative Strength Index noting a trend reversal. While the former’s dotted markers were well under the price candles to suggest market bullishness, the RSI was mediating between the overbought and oversold zones.
Bitcoin Cash was in the news recently after Grayscale Investments announced that the shares of its BCH Trust had been approved for public listing by the Financial Industry Regulatory Authority (FINRA).
Tezos, the 13th-largest cryptocurrency in the market, has also been on the market’s best-performing cryptos over the last few months, with XTZ registering YTD gains of over 128%, at the time of writing. Most alts, like Bitcoin, had been stagnating on the charts. On the contrary, the month of July saw XTZ climb exponentially.
And while Tezos did soon register some correction on the charts as it fell by over 12%, Bitcoin’s hike came to the rescue and pushed XTZ’s value up by over 10%.
The widening mouth of the Bollinger Bands pointed to some degree of price volatility in the market in the near-term, while the Chaikin Money Flow continued to remain healthy, implying greater capital inflows than outflows.
Tezos has been at the heart of many developments for a few months now, with BitGo recently announcing custody and staking support for the same.
STEEM, the cryptocurrency native to the social media and content-focused platform Steem, has had a tumultuous 2020, and never for the right reasons. In fact, STEEM made waves in May after it was revealed that Steemit, recently acquired by Tron’s Justin Sun, will be confiscating the accounts of dissident validators a few weeks after a hardfork gave birth to HIVE.
Like the rest, STEEM too had risen on the back of Bitcoin’s hike. However, at the time of writing, STEEM had already begun correcting itself at some pace.
While the Awesome Oscillator pictured the barest of bullish momentums, the MACD line was prepping for a bearish crossover on the charts with the Signal line.