BCH, Monero, Algorand: Price analysis, June 1
Altcoins have made up lost-ground all throughout the month of May. While a bit of stagnation has crept into the crypto-markets in the past few days, popular altcoins like Bitcoin Cash and Monero saw minor drops in price towards the end of the month, while others like Algorand saw their fortunes increase by small margins.
Bitcoin Cash [BCH]
For the 5th-largest altcoin in terms of market cap, the end of the month recorded rather uninspiring price action. Bitcoin Cash saw a minor drop of 4.5 percent bringing its current trading price to $242. At press time, BCH has a market cap of $4.4 billion and a 24-hour trading volume of $3.3 billion. BCH’s price is currently very close to the support at $235 and if things were to continue to worsen the coin may soon test the next support at $226. If an uptrend were to start BCH’s price will have to overcome the resistance at $257.
The EMA ribbon is currently settled below the current trading price of BCH and is likely to offer support. However, a bearish crossover has occurred as per the MACD indicator and may bring Bitcoin Cash’s price further down in the upcoming days.
In terms of developments within the Bitcoin Cash ecosystem, the coin was reported to have implemented new opcode support through an upgrade that added new features to the blockchain
When it comes to privacy-oriented cryptocurrencies, Monero seems to have captured that niche. Monero currently has a market cap of $1.1 billion and a 24-hour trading volume of $97 million and akin to BCH registered a drop of 3.7 percent in the past 24-hours. At press time, Monero is being traded at $65.7 and is very close to its next resistance at $66.4. However, if the price were to further depreciate, XMR is likely to test the supports at $62 and $59.
The Bollinger Bands for Monero continue to expand and indicate increased volatility. The MACD indicator has undergone a bearish crossover and signals an upcoming price drop.
Unlike the previous two altcoins, Algorand did see its price appreciate in the past day’s time by over 4 percent. At press time, Algorand is being traded at $0.24 and has a market cap of $191 million. If the price were to continue to rise, Alogrand will soon be headed towards the resistance at $0.27. However, if the price were to fall there are strong supports at $0.21 and $0.19.
The MACD indicator has just undergone a bearish crossover and implies a price drop while the RSI indicator continues to remain in the overbought zone.