After Bitcoin, the world’s largest cryptocurrency, stabilized above the $ 36,000 mark, the wider altcoin market managed to reduce losses following yesterday’s decline.
While altcoins like Bitcoin Cash and DigiByte wanted to rise in the charts as buyers tried to take control of the market, BAT was on its way to recovery.
Bitcoin Cash [BCH]
Bitcoin Cash was able to recover the $ 500 mark after the bulls kicked in, easing some of the losses made yesterday.
At the time of writing, BCH was trading at $ 496.34, down 3.5% in the last 24 hours. The price was also well away from the local high of $ 654.32, but there was optimism as the indicators showed that momentum could shift towards the bulls in the short term.
The stochastic RSI was moving north from the oversold zone. If the index moves towards the overbought zone, the price could drop its sudden resistance to $ 551.16.
Basic Attention Token [BAT]
Basic Attention Token bounced at $ 0.208 and retraced the level of $ 0.239 as the crypto asset rose by over 7% in 24 hours. In the near future, the bulls could target a move above the $ 0.265 resistance level amid a recovery in the wider altcoin market.
The MACD showed that the market decline occurred as the length of the red bars on the histogram fell. The fast moving line wanted to catch the Signal line and the bullish trend could see the price scale above its instantaneous resistance.
The Relative Strength Index showed that despite being in neutral territory, there is a move towards overbought territory.
DigiByte’s movement on the charts has been fairly erratic over the past seven days as it failed to cross the $ 0.03 resistance level after several attempts. In fact, the DGB succumbed to the $ 0.022 level after its last attempt to move above the aforementioned resistance level.
However, buyers managed to push the price above multiple resistance levels in the last few trading sessions and saw a move towards $ 0.029.
Bollinger Bands showed a high degree of volatility in price. As the price rises after trading in the lower band, there may be a reversal on the cards and the DGB may move above the Signal line towards the $ 0.029 resistance.
On the other hand, the Awesome Oscillator doesn’t seem to agree with the reversal. The indicator showed that bearish momentum increased as the red bars extended below the balance mark. If the price drops, it can test its instant support once again.