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Bitconnect Coin has been on a tear against bitcoin but it seems to be pulling back from its current climb. Cryptocurrencies have returned some of their recent gains as geopolitical risks are fading on weaker expectations of a missile strike on Guam from North Korea. The latest headlines have shown that Kim Jong Un is waiting for the next moves of the US before making a decision, and there have been no provocations from Trump so far.
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.
Sideways price action is seen on the short-term time frame once more as bitcoin and Bitconnect Coin are likely waiting for the next major catalyst. Price found resistance at 0.0270 and support at 0.0265.
Zooming out to a longer-term chart shows that price is stuck below resistance at 0.026 and that a break lower could lead to a drop to 0.023 while a break higher could lead to a rally to 0.029.
Price continues to tread higher on the longer-term chart after recently completing a pullback from its upside break of the 0.025 mark. Volume has been sustained to reflect sustained investor interest.
Bitcoin has been retreating against the dollar though as risk appetite is returning to the markets. Then again, bitcoin remains superior against most of its rivals like Bitconnect Coin since it just completed a hard fork without much issues and the network upgrade has allowed it to handle much more transactions than usual.