Bitconnect Coin has been able to stay afloat against bitcoin and it seems to be hitting a ceiling on its climb. Price is currently up 18.50% thanks to bitcoin’s sharp slide over the weekend.
Fears about the hard fork and speculations that the bubble is bursting has contributed to bitcoin’s slide across the board, and other cryptocurrencies like Bitconnect Coin have been able to take advantage.
On the monthly time frame, it can be seen that price is still on a climb and is rebounding back to the long-term ceiling at 0.025.
Zooming in to the daily time frame shows that price could still be in a shallow channel pattern and is currently bouncing off the ceiling. Further declines could take it below the lows near 0.023 and a move below this level could mean that a downtrend is gaining traction.
On the weekly chart, it can also be seen that Bitconnect Coin might be having trouble breaking past the resistance at 0.025. A return in bearish pressure could take it all the way down to the dip near 0.020 or until the spike lower around 0.016.
BitConnect Coin reached the Top 20 of altcoins recently. It is an 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.
Its counterpart bitcoin, however, is being bogged down by bearish commentary. Keep in mind that the nature of this cryptocurrency is to be driven mostly by market speculation so any downside move could be exacerbated by crowd mentality. As it is, a number of firms and bitcoin startups have also liquidated their holdings to move funds to other digital assets like ethereum. Meanwhile, the return in risk-taking in global markets has also encouraged investors to put their money in stocks and commodities instead.
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