Most of the altcoins are in a downward move because of the general breakdown in the cryptocurrency markets. The bearish coins are revisiting the previous lows before the recent upward move, except for the likes of Monero and Holo which are trading in the bullish trend zone.
BCH/USD Major Trend: Bearish
Bitcoin Cash (BCH) has been on a downward move after the coin reached a high of $275. The crypto has fallen to its low at $204 before the price corrected upward. The price correction reached a high of $227 but pulled back to $220 low. At this low, the coin rebounded as price rallied to $245 high. The upward move could not be sustained above this high. In June, buyers have earlier made concerted efforts to break the recent high but to no avail.
In July, the bulls retested the $245 resistance thrice but were repelled. Today, BCH has plunged to $217 low but the price has corrected upward. However, if the selling pressure persists, the coin will further drop from $217 to $200 low. On the other hand, if the $217 support holds, the price will rise again to $232 high. Meanwhile, the coin is in a bearish momentum as the coin is below 40% range of daily stochastic.
BSV/USD Major Trend: Bearish
Bitcoin SV (BSV) is on a downward move despite the recent rebound on July 6. On July 6, the coin rebounded above $150 support to reach a high of $200. At the recent high, the coin reached the overbought region. The downtrend resumes as sellers emerged at the overbought region to push prices down. On the downside, if the selling pressure persists, BSV will revisit the low of $150 and rebound.
In the meantime, BSV is consolidating above $170, if the support above $170 holds, the coin will resume a fresh uptrend. The coin is still in a bearish momentum below 60% range of the daily stochastic.
HOT /USD Major Trend: Bullish
The Holo coin has been consistent in its upward move. The crypto has traded and reached a high of $0.00085. Buyers have not been able to push prices above the recent high.
The recent high is the overbought region of the market. Sellers have emerged to push prices down. The price has fallen to $0.00064 support. The coin is rising as the price is above the EMAs which suggests a further upward movement of the coin. On the upside, if the bulls break the current resistance, the market will reach a high of level $0.0010. The coin is in a bullish momentum above the 40% range of the daily stochastic.
XMR /USD Major Trend: Bullish
Monero (XML) is in an uptrend. On July 15, the coin rebounded to reach a high of $72. The recent upward move attracted a bearish reaction. The coin also reached the overbought region. Sellers emerged at the overbought region to push prices down. The coin dropped to $70 low and after a retest at the $72 resistance, the downtrend continued.
The coin fell to $67 low as selling pressure persists. The bears are attempting to break the EMAs. A break below the EMAs will mean a further downward movement of the coin. The coin is at level 53 of the Relative Strength Index period 14. It indicates that Monero is in the uptrend Zone.
ZIL/USD Major Trend: Bearish
The Zilliqa coin is in a bearish trend. In June, the crypto was in a bull market as price reached a high of $0.030. The upward move could not be sustained as the coin was resisted. The crypto is now in a descending channel, as it fell to $0.015 low. ZIL is on a downward move after retesting the high of $0.020. The price is likely to rebound if it revisits the low of $0.015. The crypto has fallen to level 43 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone.
Author: Mustapha Azeez