Decred, IOTA, Bitcoin Cash Price Analysis: 19 July
Much of the altcoin market has reverted to the norm of following Bitcoin’s lack of movement on the charts; many of these alts registered corrections of their own. However, while the likes of Bitcoin Cash and IOTA noted significant losses over the past week, Decred’s case was slightly different, with the crypto gaining slightly instead.
Bitcoin Cash [BCH]
Bitcoin Cash, the popular fork of the world’s largest cryptocurrency, Bitcoin, noted an inconsistent performance on the charts over the past few months. Despite BCH registering brief surges in value, the crypto has always been quick to depreciate, with the same being the case at the time of writing. Over the past 7 days, BCH fell by over 6% on the charts, despite the fact that it seemed to be stabilizing, at press time.
Owing to its recent fall, BCH was trading pretty close to its support level on the charts.
Parabolic SAR’s dotted markets were observed to be well over the price candles, with the same underlining the bearishness in the BCH market. What was worse was the fact that Relative Strength Index was inching towards the oversold zone on the charts.
It hasn’t been a great time to be a BCH investor, something evidenced by the fact that at the time of writing, Bitcoin Cash was the only underperforming Bitcoin fork in the ecosystem.
IOTA, once a popular mainstay of the cryptocurrency market’s top 10, isn’t so anymore, with the crypto languishing down at 25th, at the time of writing. Like Bitcoin Cash, its movement has not been uniform either, with BCH charting a series of crest and trough patterns. Since hitting a medium-term high in the first week of June, IOTA has been on a downtrend, with the crypto yet to fully recover its losses.
At press time, IOTA’s recent movements mirrored those of Bitcoin, with IOTA down by over 4.5% over the last 7 days.
The minimal volatility in IOTA’s price over the last few days was shared by Bollinger Bands indicator since its mouth was seen contracting, at the time of writing. Interestingly, despite inadequate price action, capital inflows into the IOTA market were healthy, as evidenced by Chaikin Money Flow.
IOTA made news recently after it announced the launch of Chronicle, a tool that allows node operators to store transactions permanently.
Decred, the autonomous digital currency with a hybrid consensus system, was ranked 55th on CoinMarketCap, at the time of writing. However, surprisingly, its 24-hour trading volume was significantly lower than the volumes recorded by cryptos below it on the charts. In fact, its 24-hour volume of over $6M was lower than the volumes recorded by ABBC Coin, a crypto positioned down at 98th.
Despite its disappointing volume, Decred did note some gains over the past week, with DCR climbing by 3.54% on the charts.
While Awesome Oscillator noted the barest of momentum in the market, the Signal line was just hovering over MACD line on the charts.