While the world’s largest altcoin, Ethereum, has performed well on the price charts in recent days, that wasn’t the case for the rest of the market. While ETH rose to a new ATH, the likes of Bitcoin SV and Zcash continued to decline. However, this was not unexpected.

 

 

Bitcoin SV (BSV) price analysis

The cryptocurrency Bitcoin SV, which ranked 15th on the CoinMarketCap charts, dropped significantly after a 63% price increase in the second week of January. BSV, which traded below $ 174 at the time of writing, has lost more than 15% in the last week alone. However, it should be noted that the cryptocurrency is unlikely to fall below the support level.

The same has been proven by technical indicators of Bitcoin SV. While the dotted lines of the Parabolic SAR suggest that it is far above the price candles and is downward, the Chaikin Money Flow remains stable above zero despite the downward trend in the market.

Zcash (ZEC) price analysis

Zcash, one of the market’s foremost privacy coins, saw a sharp increase in value in mid-January. However, like BSV, ZEC also fell victim to a downtrend and fell more than 16% on a weekly basis. While ZEC is trading at a level far from the support level, it seems unlikely that the coin will surpass its local peak anytime soon.

See Also
Bitcoin Completed Its Black Thursday In March

The downward trend in the market was also emphasized by the technical indicators of the Zcash market. While the Signal line is well above the MACD line, the Awesome Oscillator’s histogram is red, despite seemingly losing momentum.

On the news side, the cryptocurrency made headlines with the announcement that Bittrex will remove popular privacy coins like Monero, Zcash and Dash.

Previous articleJapan’s best brokers compete with crypto exchanges for market share
Next articleAmerica’s major universities buy cryptocurrency

LEAVE A REPLY

Please enter your comment!
Please enter your name here