Bitcoin’s price, at the time of writing, was facing strong resistance around the $12k mark. Bitcoin’s inability to brush past this resistance also seemed to stunt the growth of many of the market’s altcoins, with fork coin Bitcoin Cash losing close to 12 percent of its trading value in the past week, along with a Tron. However, in the case of smaller altcoins like Synthetix, the price action has been very different.
Bitcoin Cash [BCH]
Since the last week of July, Bitcoin Cash’s price had been on a steady uptick. However, over the past 7 days, the coin has stumbled on yet another strong resistance, one that saw its price fall by 11.9 percent. At press time, Bitcoin Cash had a trading value of $283.30 with a market cap of $5.3 billion and a 24-hour trading volume of $1.8 billion.
The resistance at $321 continued to hold strong and if the coin were to dip to its early-July price levels, then there were three key supports that it will have to breach at $279, $258, and $244, respectively.
The Stochastic indicator for the coin had dipped significantly into the oversold zone. The MACD indicator echoed a similar sentiment after it underwent a bearish crossover. To add to the coin’s recent woes, Bitcoin Cash lost its 5th spot on CoinMarketCap’s list to a surging Chainlink after the latter rose by over 28 percent in 24 hours.
Like Bitcoin Cash, Tron’s price has found itself stuck between $0.019 and $0.021. At press time, Tron was being traded at $0.020 with a market cap of $1.4 billion. The resistance at $0.021 had been unbreached, despite the best efforts of Tron over the past few days. Further, there were two strong supports at $0.019 and $0.017.
The Bollinger Bands had, at press time, contracted relatively and may see slightly lower levels of volatility. The Stochastic indicator, after having spent time in the overbought zone, was heading towards the neutral zone.
Earlier in the month, it had been reported that Tron hit yet another milestone and was very close to having $1 billion smart contract triggers.
Unlike the previous two cryptos, Synthetix’s fortunes have not been held back. In the past week, the coin has surged by close to 50 percent. At press time, SNX was priced at $5.95 and noted a market cap of $555 million. If the coin were to see a reversal with regard to its price action, there were two strong supports at $3.7 and $2.8, both levels that can help stabilize SNX’s price.
Further, the EMA ribbons had settled below the press time trading price and were likely to offer support. The MACD indicator, after having undergone a bullish crossover, signaled that the price hike may continue on the charts.