Despite more and more people predicting that an altseason might be coming, Bitcoin is still the market’s most dominant cryptocurrency with a share of over 60%. In fact, Bitcoin catalyzed the crypto-market throughout the last few days by noting a substantial hike following the OCC announced that nationally chartered banks in the USA will now have the ability to hold crypto.
The aforementioned hike had a ripple influence on many of the market’s altcoins, such as the likes of Bitcoin SV and Dash. However, Dogecoin wasn’t seeing any of them yet.
Bitcoin SV [BSV]
Bitcoin SV, the cryptocurrency ranked 7th on CoinMarketCap’s charts at the time of writing, hasn’t had a great 2020. In fact, a look at BSV’s charts reveals that the Bitcoin Cash fork has gradually traded lower and lower since its medium-term high in early-April. On the rear of Bitcoin surging, BSV rose too, with the crypto noting a hike of over 14% within the week. At press time, BSV wasn’t too far from its immediate resistance on the charts.
Bitcoin SV’s technical indicators were presenting a significant mixed message. While Parabolic SAR’s dotted markers were well-positioned below the purchase price candles and pointed to bullishness, Chaikin Money Flow was noting an extremely sharp fall over the last 24-hours.
On the development front, Bitcoin SV was in the news headlines after it teamed up with China’s largest developer network for educational purposes.
Dash, like Bitcoin SV, has been trading at prices lower than its highs in May and June. Like BSV, Dash too was quick to piggyback on the movement of the world’s largest cryptocurrency, with the privacy coin climbing by over 10% throughout the last 7 days. It should be noted, however, that Dash’s price movement in the last few months has been punctuated by a group of brief hikes and sharp falls. Ergo, it’s too quickly to tell whether there is an uptrend coming soon.
At the time of writing, the mouth of Bollinger Bands was widening slightly, pointing to varying degrees of incoming volatility. Further, Relative Strength Index was seen spiking, with RSI heading towards the oversold zone on the charts.
The cryptocurrency was last in the news headlines when crypto-analytics firm Chainalysis announced support for the privacy coin and Zcash.
Dogecoin, the crypto-market’s most popular meme coin, perhaps isn’t only a meme anymore. A few weeks ago, DOGE surged, and surged exponentially, climbing by over 100% in only a matter of just three days after having a TikTok challenge to push the crypto to $1 went viral. Since then, however, corrections have emerge, with the altcoin down by over 33% since hitting its aforementioned highs.
The scale of the corrections was evidenced by the fact Dogecoin wasn’t one to join the rest of the altcoin market when Bitcoin rallied over the last day or two.
In fact, Awesome Oscillator’s histogram pictured bearish momentum in the market, MACD line continued to be well under the Signal line on the charts.