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Bitcoin Cash steady after the halving as Stellar, ALGO remain stable

Biraajmaan Tamuly

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Source: Pixabay

Over the past 12 hours, Bitcoin Cash, Stellar, and Algorand have all registered minor hikes across the charts. However, these movements were not anything out of ordinary.

A sense of consolidation remained in the charts and the valuation of these coins continued to follow Bitcoin’s diktat for the time being.

Source: BCH/USD on Trading View

After Bitcoin Cash’s 1st halving on 8 April, its hashrate and difficulty recorded a significant free-fall. However, the prices did not react as much as the community expected.

Despite such concerns, however, Bitcoin.com’s Roger Ver was quick to dismiss concerns associated with the halving, claiming that he was not worried about the hashrate fall.

Over the past 24-hours, BCH’s price had recorded minor drop of 0.47 percent, with its market cap found to be around $4.3 billion. The crypto-asset registered a 24-hour trading volume of $3.55 billion and even though the token was on the rise, a rising wedge formation was observed on the charts. Hence, a bearish pullback could be imminent.

Market indicators, however, remained bullish, with the RSI and Parabolic SAR both picturing a positive trend.

Source: XLM/USD on TradingView

13th ranked Stellar recorded a rise of 2.30 percent over the past 24-hours, with the coin’s valuation rising from $0.479 to $0.493. With a market cap of $997 million, Stellar had registered a trading volume of $434 million, with XLM continuing to hike, at the time of writing.

The Chaikin Money Flow or CMF pictured an increase in capital inflows on the charts, but the Bollinger Bands indicated a rise in volatility as the bands were diverging on the charts.

Source: ALGO/USD on Trading View

Finally, Algorand’s ALGO token pictured an inclined trajectory with a rise of 1.89 percent over the past 24-hours. The token was found to be above its inclined resistance, at the time of writing. ALGO recorded a market cap of $123 million with a 24-hour trading volume of $74.3 million.

The MACD indicator was bullish for the crypto-asset as the blue line remained above the signal line.

However, the Awesome Oscillator suggested that the bulls did not have enough momentum on the charts to trigger a bullish rally.

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.