Bitcoin Cash, ETC, DigiByte price analysis: 7 July

  • 07 July 2020, Tuesday, 14:00
Bitcoin Cash, ETC, DigiByte price analysis: 7 July
Source: Pixabay

For most altcoins in less than a day’s time, their fortunes seem to be gaining positive momentum. The altcoin market often moves in sync with the price action of the world’s oldest and largest cryptocurrency – Bitcoin and the past 24-hours have been no different. Popular altcoins like Bitcoin Cash, Ethereum Classic, and DigiByte all registered gains up to 11 percent.

Source: BCH/USD, TradingView

In less than 24-hours’ time, Bitcoin Cash’s price action saw a major boost with the coin’s trading price surging by over 11 percent. At press time BCH is being traded at $238 and has registered a market cap of $4.4 billion. Currently, BCH’s trading price is inching closer to the strong point of resistance at $244. However, if the price were to encounter bearish pressure BCH has a strong support at $220.

The EMA ribbons for BCH have settled below the current trading price and is likely to offer support if the price were to drop. The RSI indicator continues to remain in the overbought zone signaling strong bullish sentiment for Bitcoin Cash. Recently Bitcoin.com introduced a new service that allowed users to send and receive BCH via email.

Source: ETC/USD, TradingView

Ethereum Classic witnessed an 11.5 percent price hike in during the past 24-hours. At press time ETC has a trading price of $6 and a market cap of $707 million. Akin to the previous altcoin, ETC is also moving steadily towards a key resistance at $6.3. However, if the uptrend were to discontinue, ETC’s price is likely to be supported at $5.6.

The RSI indicator for ETC remains in the overbought zone but is making a reversal. The MACD indicator has undergone a bullish crossover and indicates positive momentum for the price. In terms of developments with the ETC ecosystem, there hasn’t been much apart from the Phoenix hardfork on May 31.

Source: DGB/USD, TradingView

DigiByte registered close to 9 percent gains in the past 24-hours taking its trading price to $0.020. At press time, DigiByte occupies 38th spot on CoinMarketCap’s list with a market cap of $276 million. There are two strong supports for DGB at $0.019 and $0.018. If the price were to continue on the uptrend then it is likely to soon try to breach the resistance at $0.022.

The MACD indicator for DGB underwent a bullish crossover while the Bollinger Bands are now expanding slightly implying a slight increase in volatility for the coin’s price.

Source: ambcrypto.com