Bitcoin Cash, Tezos, Zcash stumble after latest fall undercut bullish recovery
Much of the altcoin market was quick to jump on Bitcoin’s back and post significant gains after the world’s largest cryptocurrency breached the $7000-mark for yet another time a few days ago. However, it may have been too good to last, as at the time of writing, much of the market had already started falling. The same was the case with Bitcoin Cash, Tezos, and ZCash.
Bitcoin Cash [BCH]
One of the market’s top cryptocurrencies, Bitcoin Cash has been in the news a lot after concerns over miner capitulation made the airwaves. And while many believe BCH will soon lose all its value, the fork coin’s proponents believe otherwise.
At the time of writing, Bitcoin Cash was priced at $238.80, with the fork coin still on an ungainly path to recovery following the crash in March. However, volatility remains an issue for BCH, which is why following Bitcoin’s brief uptick over $7000, Bitcoin Cash fell, with BCH having fallen by over 2% over a 12-hour period.
The fall in BCH’s value was reflected by the Bollinger Bands after its mouth was observed to be drooping on the charts. Further, the MACD Indicator pictured a bearish crossover.
On the development side, halving concerns apart, many in the BCH community continue to be angry about the Infrastructure Funding Proposal being embedded in the Bitcoin ABC Code.
Like Chainlink, the 10th ranked-Tezos has been one of the better performers of 2020, with XTZ also emerging to be one of the few altcoins to continue its movement from the previous year.
At press time, Tezos was priced at $2.66, with XTZ’s charts revealing a consistently progressive trend upwards. However, the same was somewhat undone by the aforementioned market downturn, with the last few price candles all in the red. Despite the same, however, Tezos still recorded over 4% in gains over the last 12 hours.
This market reversal was highlighted by the Parabolic SAR, with the indicator’s last few dotted markers found to be above the price candles. Further, while the Awesome Oscillator pointed to high market momentum, the last candle was red too and implied some incoming bearishness.
Tezos, today, has emerged to become one of the most talked-about cryptocurrencies in the market, with many lauding the much-vaunted coin. In fact, according to Weiss Crypto Ratings, XTZ has been doing much better on the technological front than bigshots like Ethereum and Bitcoin.
The popular privacy coin, like most alts in the market, has been slow to recover its lost gains following the crash on 12-13th March.
At press time, ZEC was priced at $44.65, with the coin still fairly close to the resistance it marked following Bitcoin’s breach of $7k. Over the past 24-hours, the popular crypto had fallen by over 2.5% on the charts.
Unlike other cryptos, the fall in Zcash’s value wasn’t as evident on the charts. In fact, while the Chaikin Money Flow remained stable over the zero mark, the Relative Strength Index was in the balance.
ZEC’s lukewarm price performance, it can be argued, has also been affected by the ongoing Coronavirus pandemic, with a recent Zcash Foundation Q1 2020 report announcing that it will be cutting expenses by over 17% owing to COVID-19 pressures.