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In Bitcoin’s footsteps: BSV, Monero, ALGO see reversal of fortunes

Jude Lopez

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Source: Unsplash

The cryptocurrency market, more often than not, dances to Bitcoin’s tune. Since the start of the day, the king coin has been able to scale past the coveted $9000 mark and as history has demonstrated in the past, many altcoins were quick to follow suit. Fork coin – Bitcoin SV, Monero, and Algorand, all surged over the past 24 hours, with the alts posting significant gains of up to 17 percent.

Bitcoin SV [BSV]

Source: BSV/USD, TradingView

2020 has not turned out to be a spectacular year for Bitcoin SV, especially after its halving and concerns regarding its network were brought up. However, the past 24-hours for Bitcoin SV were quite special, with the coin’s trading price climbing to $221.50, registering a substantial gain of over 17 percent in a day’s time.

At press time, Bitcoin SV had a market cap of $4.1 billion and a 24-hour trading volume of $3.2 billion. For BSV’s price, the next crucial barrier is around $254 – a price point BSV last found itself in in the early days of March. There were also two key points of support at $191 and $174, if the uptrend were to see a reversal.

The RSI indicator was well inside the overbought zone; however, at the time of writing, it was retracing itself. Further, the MACD indicator showed strong bullish sentiment after having undergone a bullish crossover.

Monero [XMR]

Source: XMR/USD, TradingView

Privacy coin Monero also had a good 24-hours as the price of the coin saw an 11 percent surge. At press time, Monero had a trading price of $67.3 and a market cap of $1.1 billion, making it the 14th largest cryptocurrency on CoinMarketCap. The trading price of Monero, at the time of writing, was very close to the resistance at $70, and if the surge were to see a correction, the price may stabilize at points of support at $60 and $56.

The Bollinger Bands for Monero were beginning to expand, indicating increased levels of volatility in the market, while the Chaikin Money Flow showed increasing buying pressure for the coin.

Algorand [ALGO]

Source: ALGO/USD, TradingView

Relative to the above altcoins, Algorand still had a bit of work to do in order to erase the losses of the now infamous ‘Black Thursday’ price crash. In the past 24-hours, the price of Algorand increased by over 8 percent, bringing its trading price to $0.22.

If the uptrend were to discontinue, the coin may find support at $0.20 and $0.19. The next important resistance for Algorand was the $0.27 mark, which was where the price was around in early-March.

At the time of writing, the EMA ribbons had positioned themselves beneath the price and were offering support. The MACD indicator, after having undergone a bullish crossover, may soon see a reversal as the MACD line was heading south.

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.