Even falling in the week, Bitcoin Cash (BCH), Bitcoin SV (BSV) and Binance Coin (BNB) remain positive for the year
The altcoin market has had to endure some downward pressure in the past few days. Currencies like Bitcoin Cash (BCH), Bitcoin SV (BSV) and Binance Coin (BNB) witnessed bears dominating the market earlier in the week, however, their long-term performance continues to look promising.
Bitcoin Cash [BCH]
Source: BCH / USD, TradingView
The price of Bitcoin Cash has increased by 3 percent in the past 24 hours. This comes in response to the currency’s depreciation last week as a result of increased downward pressure on the altcoin market. At the time of writing, the BCH was trading at $ 474.5 and was testing support at $ 468.
If this range is reversed for resistance, then the currency may have to deal with a further price drop leading to a BCH valuation of up to $ 424. The $ 590 price range continues to exhibit immense resistance; if an upward trend materializes, the BCH may have to try to overcome that level.
The Bollinger Bands were quite wide a few weeks ago and, by the time this article was written, they had contracted significantly, indicating low volatility in the BCH market. The MACD indicator experienced a bearish cross and signaled a short-term price correction for the currency.
Bitcoin SV [BSV]
Source: BSV / USD, TradingView
Bitcoin SV’s price action increased the asset’s volatility last month. A few days ago, the sharp drop in the market pushed the price down; The BSV was trading at $ 194. The currency is currently close to support at $ 180 and if the price rebounded and started a recovery run, it would soon have to attempt a breach of the $ 215 price range. Considering previous precedents, it is clear that the $ 215 – $ 254 range presents a lot of resistance.
The MACD indicator has just gone through a bearish cross; however, a trend reversal cannot be ruled out for the currency at this time. The RSI indicator, on the other hand, remained in the neutral zone, far from the oversold zone.
Binance Coin [BNB]
Source: BNB / USD, TradingView
Binance Coin’s price fell 8 percent last week; however, at the time of writing, the currency was in a recovery race and was trading at $ 242.3. The next key resistance level that the BNB is likely to face is at $ 295. There is strong support for the currency at $ 223. In the event that downward pressure is extremely high, BNB should be cautious around that range, since that the next strong support level is around $ 122. However, the chances of such a dramatic drop at the moment are insignificant.
EMA lines have settled below the current trading price and are offering support around the $ 223 price range. The MACD indicator, on the other hand, signals a strong bearish sentiment as it continues to plunge after having a bearish cross was recorded.