Bitconnect Coin has formed lower lows but has found resistance at 0.020, creating a small ascending triangle formation.
A break past the resistance could mean that bullish pressure is kicking in and that more gains are in the cards. On the other hand, a break below support could spur a move back to the 0.015 level or a steeper drop all the way down to the 0.010 area.
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.
Bitcoin has been weaker against most of its peers so it’s surprising how Bitconnect Coin has been faring worse and is down 4.15% so far. Sentiment for cryptocurrencies has taken a hit due to a number of factors, starting from downbeat comments from well-known analysts and the flash crash in ethereum last week.
This has led many investors to question the stability and security of digital assets, liquidating some of their holdings due to the growing uncertainty. To top it off, a couple of big exchanges reported outages owing to unprecedented traffic and trading activity recently, leading some to doubt that the network can handle more transactions from here.
Apart from all that, the improvement in market sentiment across the globe has also driven traders away from cryptocurrencies, which typically advance against traditional assets during risk-off market scenarios. Traders appear to be moving their funds back to stocks and commodities, which have been posting decent gains these days on more upbeat remarks from central bank heads.
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