Bitconnect coin has formed lower highs and found support at $40. Price is now testing the resistance and could be due for a breakout soon.
However, if consolidation persists, another test of support at $40 could be underway. Volume has weakened recently so there’s a stronger likelihood that sideways price action could take place.
It’s worth noting, though, that bitconnect coin has reached the Top 20 of altcoins recently. According to its website, bitconnect coin isn open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.
This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network.
This altcoin has a market cap of $287,599,260 with a circulating supply of 6,699,432 BCC and an available 28,000,000 BCC. Its 24-hour volume is $2,197,900.
On the longer-term time frames it can be seen that bitconnect coin had a steady climb since its inception only to make a pullback upon reaching $80 earlier this year. However, the longer-term uptrend seems to be intact so it may only be a matter of time before bulls hop back in and push for a new high.
Of course a downside break is also possible and this might hinge on the cryptocurrency industry altogether or changes in dollar demand. This week the FOMC is scheduled to make its monetary policy decision and might hike rates by 0.25%.
What market participants are more eager to gauge is the odds of future rate hikes and any indication that the Fed could slow down tightening could mean losses for the dollar and gains for bitconnect coin. On the other hand, hawkish remarks could lead to another boost higher for the US currency and a triangle breakdown for bitconnect coin.
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