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Bitcoin SV, Decred struggle amid losses while BNB heads for a bull run

Rakshitha Narasimhan

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Bitcoin SV and Decred struggle amid losses while BNB heads for a bull run
Source: Unsplash

Almost all altcoins recorded a sudden drop on May 1; while some coins have managed to rise up and recover the losses, others have not been able to start a bull ride yet. For instance, while Binance Coin is ready to get on a bull run, Bitcoin SV and Decred continue to trend downwards.

Bitcoin SV

Source: BSV/USD, TradingView

Bitcoin SV, as seen in the attached chart, rose by 25% at the start of April reaching $219.11. However, the coin saw a drop very soon pushing the price down to $179.97. BSV has been trying to break this key resistance level for over months now but hasn’t been successful. In May, the coin saw another 12% drop and has held support at $192.79. By the looks of it, the coin might continue to trend downwards for a couple more days and this is further confirmed by Awesome Oscillator indicator.

Resistance: $14.39, $15.41, $16.46
Support: $13.01, $11.72, $10.08
Press time price: $14.04
Market Cap: $3,579,342,653
24-hour Trading Volume: $1,033,225,836

Binance Coin

Source: BNB/USD, TradingView

Similar to BSV, Binance Coin also rose by 36.2% at the start of April and recorded significant gains throughout the month. With the start of April, however, like many other altcoins, BNB dropped in price and trended downwards for almost two weeks. On May 13, the coin saw a rise and eventually rose up by 10% and has currently found support at $16.08. As MACD indicator’s bullish crossover indicates, the coin might continue to trend upwards in the coming days.

Resistance: $17.66
Support: $16.08, $13.65, $11.22
Press time price: $16.63
Market Cap: $2,593,170,711
24-hour Trading Volume: $278,244,216

Decred

Source: Decred/USD, TradingView

Decred, the 44th coin as per CoinMarketCap started a bull run at the start of April and continued till May 9; the coin saw rapid developments in that period of time, price-wise. However, after the 17.4% drop on May 12, the coin is struggling to rise back up. Although it hasn’t breached support at $13.01, the coin might not rise up to its key resistance level [$14.39] anytime soon and this is further confirmed by the CMF indicator which rests below the zero line.

Resistance: $14.39, $15.41, $16.46
Support: $13.01, $11.72, $10.08
Press time price: $14.04
Market Cap: $161,468,094
24-hour Trading Volume: $87,970,180

A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.

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