Bitconnect coin has been treading sideways for the past few hours after breaking to the upside from a previous consolidation pattern. This signals that there is still a lot of hesitation among bulls and bears, likely as several market factors are currently in play.
Price has found support around $50.50 and resistance at $51.50, which could keep gains in losses in check until the next market catalyst comes up. Price just bounced off support and is due to test resistance soon. Volume has been slightly higher, reflecting sustained market interest.
However, the dollar has also gained some support recently after the FOMC hiked interest rates and reiterated its intention to hike again before the end of the year. The Fed upgraded growth and jobs forecasts while downgrading their inflation forecast.
Against bitcoin, bitconnect coin is also stuck in consolidation. Bitcoin tumbled earlier last week on outages for a couple of top exchanges that led many to question the stability and security of the network. However, the cryptocurrency has staged a pretty strong bounce towards the end of the week.
Moving forward, traders could focus on overall market sentiment as there are a number of risks that could materialize. Brexit negotiations will kick off and the uncertainty could lead traders to seek higher returns in alternative markets like cryptocurrencies, which could be good for both bitconnect coin and bitcoin. The Queen’s speech and ongoing talks to form a coalition government in the U.K. could likely influence sentiment as well.
Note 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.
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