Bitcoin Cash lags behind as Monero and Dogecoin surge up to 12%
In the past week’s time, altcoins such as Monero and Dogecoin have seen their value spike while larger alts such as Bitcoin Cash have continued its sideways movement.
Bitcoin Cash [BCH]
During the course of the previous week, Bitcoin Cash’s price has been moving mostly sideways and seems to have stabilized around its current trading price of $238. Currently, support at $235 is very close to being tested. If the coin were to breach the support there is another strong support for BCH at $229. However, if an uptrend were to form then BCH would soon be confronting resistance at $249.
The MACD indicator for BCH has just undergone a bullish crossover. The RSI indicator echoes a similar sentiment as it is now going towards the overbought zone.
In terms of development, a few days ago Bitcoin Cash completed a new upgrade that introduced opcode support, a chain limit extension, and the improved counting of signature operations.
Monero has come out as a big winner ever since Bitcoin halving with the price of the coin surging by over 11 percent. At press time, Monero was traded at $65 with a market cap of $1.1 billion. The current price of the coin is quite close to the resistance at $66. In case the price were to see a dip, there are supports at $62 and $59.
MACD indicator has undergone a bearish crossover and is likely to soon see a reversal. The Stochastic indicator shows bullish sentiment as it is now in the overbought zone.
Popular meme-coin, DOGE has also seen its fortunes take a turn for the better in the past week. The price increased by over 12 percent, bringing Dogecoin’s current trading price to $0.00257. There is a strong resistance that is currently being tested by the trading price. However, if the price were to fall further, the support at $0.0023 may offer stability.
Bollinger Bands remain expanded and imply increased volatility for the coin. The RSI indicator, on the other hand, remains in a neutral zone at the moment.
From Bitcoin’s price action, it is evident that the king coin continues to exert dominance on many of the altcoins. Bitcoin witnessed a 1.5 percent increase in the past 24-hours.