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Altcoins

Is Bitcoin’s price recovery being overshadowed by those of HBAR, Nano?

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Source: Unsplash

Bitcoin has been living up to its title of ‘king coin’ lately after most of the market’s altcoins followed the same pattern as BTC, post the 12 March crash. Like Bitcoin, these alts are now recovering, with most maintaining steady support levels while trying to breach their resistances. However, despite everything, the speed of recovery may be lending credence to the notion of whether Bitcoin might be getting outperformed by altcoins this year.

Bitcoin

Source: BTC/USD, TradingView

Bitcoin has breached many major supports since 12 March. After the free fall from $10,500 to below $4,000, the coin, at press time, was maintaining the support at $5,852.73. Trading just above the $6,500 level, the coin was likely to move towards a bullish breakout. As seen in the chart above, the formation of the symmetrical triangle indicated a 60% upward breakout, which was further confirmed by the Bollinger Bands indicator and CMF indicator.

The Bollinger Bands were widening, indicating an increase in volatility in the coming days, while the CMF indicator rested at 0.9, highlighting a bullish trend.

Resistance: $7,103, $8,157
Support: $5,852.73, $5,701.77, $5,031.28, $4777

Press time price: $6,520
Market Cap: $122,145,550,995
24-hour Trading Volume: $41,110,726,397

Hedera Hashgraph [HBAR]

Source: HBAR/USD, TradingView

Hedera Hashgraoph, the 40th ranked coin on CoinMarketCap, has been experiencing bearish movement since the first week of March, as seen in the chart above. It fell by 64% on 12 March and it has not been able to recover the losses, unlike many other altcoins.

It was maintaining its support at $0.029 for over two weeks now. Additionally, over the last 24 hours, the coin recorded a circulating supply of 3.9 billion coins; Upbit was the most active market trading the coin at press time. Furthermore, the RSI indicator was at 57.08, perhaps pointing towards a potential oversold situation.

Resistance: $0.03, $0.042, $0.046, $0.053
Support: $0.029, $0.025

Press time price: $0.032
Market Cap: $127,588,847
24-hour Trading Volume: $7,894,255

Nano [NANO]

Source: NANO/USD, TradingView

Nano, like other altcoins, recorded a price drop of 62% on 12 March. The price gradually recovered and rose by 63% in a span of four days; however, its recovery speed was faster, when compared to BTC. The coin has maintained stable support since then at $0.403. There was a potential ascending triangle pattern being formed, a sign of an upward breakout. This was further confirmed by the MACD indicator which signaled a bullish crossover happening soon.

Resistance: $0.59, $0.70
Support: $0,40, $0,34

Press time price: $0.507
Market Cap:  $67,315,958
24-hour Trading Volume: $3,547,415

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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.