While Bitcoin Cash‘s contested fork last week depressed the price to $238, it has seen good recovery since. Interestingly, this was also aided by a strong surge across the altcoin market as Ethereum also visited its $550-resistance level. Subsequently, Bitcoin fell from $18,700 to near-$18,000 and many of the market’s alts also saw selling pressure mount over the past few hours. Finally, IOTA descended to test a level as support while Compound was unable to scale past a level of resistance in the face of intense selling.
Source: BCH/USDT on TradingView
Bitcoin Cash registered a surge from the support at $244 to climb to a high of $310, but it was unable to flip the level of resistance at $288 to support in the face of selling pressure.
The RSI was seeing a dip from the overbought territory and noted a value of 59, a figure that was still bullish for BCH. The Stochastic RSI was also pulling back from the overbought region.
The level at $275 has been of interest to sellers over the past few weeks, and it is possible that this level has been flipped to support.
Source: IOTA/USD on TradingView
Like Bitcoin Cash, IOTA also noted a pullback and it was testing the level at $0.288 as support. A close below this level could still see IOTA’s bulls find a footing at $0.278.
A close below both these levels would indicate that bullish momentum was exhausted in the near-term, while a defense of the $0.288-level by the bulls could see IOTA register further gains in the coming days.
IOTA saw a mainnet issue last week, one that was addressed later to give further insight into existing vulnerabilities.
Source: COMP/USDT on TradingView
Lending protocol Compound remained massive in the space with a TVL of $1.52 billion, but the token COMP has had some rough sailing over the past few weeks.
After reaching a low of $84, it recovered with momentum to rise past its psychological level of $100.
And yet, $125 remained a stiff level of resistance and it was unable to breach it once again, facing rejection with its latest attempt.
Even as the market bulls struggled to push the price past the resistance, selling volume was already mounting, as shown by the OBV setting a series of lower highs.
The trading volume has also seen more activity on sessions that posted more losses than gains, indicating that the sentiment in the market was geared towards profit-taking.