Under Bitcoin’s spell, altcoins Monero and HBAR lose up to 11% value

After having recovered much of its losses since the previous month’s price crash, Bitcoin’s price saw a minor correction in the last few days, registering a dip that was mimicked by altcoins like Monero and Hedera Hashgraph. While the king coin’s April performance has been promising, the price has once again fallen below the price $7000 mark, in the past 48-hours.

Bitcoin [BTC]

Source: BTC/USD, TradingView

Bitcoin’s much anticipated third block reward halving is to take place in less than 3-weeks’ time. While 2020 has seen a mixed performance from the world’s largest cryptocurrency, speculation has been rife with extremely polarising views regarding the coin’s post-halving performance. In the past few days, Bitcoin saw a 5 percent decrease in value and is currently trading at $6959, with support at $6773. However, if the price were to recover, $7202 and $7399 continue to be strong resistance points for Bitcoin.

MACD indicator underwent a bearish crossover at the start of the week, however, the present movement of the signal and MACD line indicate a reversal may soon take place. RSI indicator showed strong bullish momentum as it is now surging towards the overbought zone.

Monero [XMR]

Source: XMR/USD, TradingView

Monero has cemented itself in the ecosystem as the go-to privacy coin. Akin to Bitcoin performance, Monero too saw a 5 percent dip in price and has a trading price of $56 at press time. As the 14th largest cryptocurrency, Monero currently has a market cap of $977 million and a 24-hour trading volume of $104 million. If the coin were to further lose value, supports at $53 and $52 may soon help in a rescue effort. Resistance at $58 continues to be a challenge for the coin.

According to MACD indicator, a bullish crossover may soon take place, as MACD line is now well-positioned to go past the signal line. The Stochastic indicator after having spent time in the oversold zone is now heading towards the overbought zone.


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