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Bitcoin Diamond records 11% surge as EOS, SNX try to keep up

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For altcoins, March and April told very different tales. While the former closed for most coins with significant losses, April seems to be a lot more favorable as coins such as EOS, Synthetix and Bitcoin Diamond have all recorded surges over the past few days.

EOS

Source: EOS/USD, TradingView

After suffering from a 50 percent price drop, EOS was on the right path to recover its losses. Over the past 24-hours, EOS saw its value increase by close to 9 percent, with the token having a trading price of $2.33, at the time of writing.

EOS had a market cap of $2.1 billion and a 24-hour trading volume of $3.1 billion. If the uptrend were to last for EOS, the price would soon test the resistance at $2.45. However, if EOS were to record price correction, there are two points of support at $2.2 and $2.1.

According to the Bollinger Bands, EOS may see increased volatility as the bands were now beginning to expand. However, the moving average, at press time, was acting as a support for the price. The MACD indicator continued to show bullish momentum after having undergone a bullish crossover less than a day ago.

Synthetix [SNX]

Source: SNX/USD, CoinGecko

Over the past month, Synthetix announced its plans to add derivatives trading on its platform in Q3 of 2020. In the past month, Synthetix has recovered much of its losses following the 12 March crash.

In the past 14 days, its price rose by over 40 percent. At press time, SNX was being traded at $0.675, with a market cap of $62 million. In sync with the altcoin trend over the past 24-hours, SNX surged by 8.9 percent.

At press time, SNX had a 24-hour trading volume of  $2.6 million. According to the coin’s previous price movements, SNX had two strong supports at $0.60 and $0.56, if the price were to give in to bearish pressure.

Bitcoin Diamond [BCD]

Source: BCD/USD, TradingView

Bitcoin’s fork coin, Bitcoin Diamond, continued the trend as it saw its price rise by over 11 percent in the past 24-hours. BCD had a market cap of $92 million and a 24-hour trading volume of $8 million. At press time, Bitcoin Diamond was being traded at $0.50.

If the price were to continue to rise, the coin was likely to soon start testing the resistance at $0.56; there were also supports at $0.45 and $0.38, if a bearish scenario were to transpire.

The MACD indicator, after having undergone a bullish crossover, continued to register bullish momentum for the coin. The Stochastic indicator echoed a similar sentiment, with the token in the overbought zone, at the time of writing.

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Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.
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