The cryptocurrency market faced increasing bearish momentum last week, and with Bitcoin falling to the $ 45,000 price range, many altcoins in the market also followed and traded lower. At the time of writing, Bitcoin was trading at $ 44,474 with a 24-hour trading volume of $ 42.9 billion.
This was the case for altcoins such as Stellar, DigiByte, and BitTorrent, and a sudden recovery seems unlikely given the current market conditions.
Stellar price dropped over 15 percent last week and is currently trading at $ 0.41. According to CoinMarketCap’s listing, the coin has a market capitalization of over $ 9.3 billion and is ranked 10th. The price of the cryptocurrency has tested the support at $ 0.37 in the past few days and is currently gaining slight gains towards its immediate resistance of $ 0.54. If the current support fails, XLM second support could drop to $ 0.27.
The Bollinger Bands for the cryptocurrency have narrowed and are less volatile in the altcoin’s price action. The RSI indicator is currently in a bearish trend as it approaches the oversold zone.
The price of BitTorrent has dropped more than 28 percent in the past 7 days and is currently worth $ 0.0011. The downward pressure has caused the price of the coin to drop by over 8 percent in one day. BTT is currently testing the support level around the current trading price, and if that support fails, it is likely that BTT will take back all its last gains and trade in the $ 0.0004 price range. If an uptrend occurs, there is significant resistance in the $ 0.0014 range.
The RSI indicator of the coin is falling steadily as it enters the oversold zone. Interestingly, the EMA stripes fell below the altcoin’s transaction price and offer support for the cryptocurrency.
DigiByte is currently trading at $ 0.051 and has a market value of over $ 730 million. Last week, the token price dropped 33.6 percent and is now finding itself near the $ 0.049 support level. If the downtrend continues, there is another support at the $ 0.035 price level that can help stabilize the price of the cryptocurrency.
The MACD indicator and RSI signal increased bearish pressure for DGB. The MACD indicator is bearish as the RSI continues to enter the oversold zone.