Crypto markets have once again dropped after the brilliant performance for last seven days. During last week, total market capitalization was $229 billion. However, this high market cap did not last long. Many cryptocurrencies gains converted into loss within last 24 hours. Bitcoin faced a 2.4% drop in its price, but it is still on the top with $4.4billion trading volume. Ethereum, XRP, and BCH also dropped by 9.9%, 12%, and 6.4 % respectively.
We a bullish market behavior that didn’t put much impact on BCH prices. It was not able to cross upper resistance, and bearish drop is overstretched now. RSI and Stochastic indicators are showing that the market has arrived in an overvalued position.
The gap can be seen between SMA 200 and 100 SMA. This gap clarifies that market is not turning towards the edge and lest resistance is near to the downside. Bear will halt at $410. Furthermore, BCH price is showing more resistance for customers; this can help them in deciding to buy BCH.
Recently cryptocurrencies like BCH and ETH have shown some slight increase after the last 24-hour drop. Rob Sluymer commented on the recent drops of cryptocurrencies that they have come to an unpredictable position. He stated in an interview that BTC drop in the previous week