Bitconnect Coin Technical Analysis for 08/28/2017 – Bulls Regaining Traction

Bitconnect Coin has recovered from its recent drop to bitcoin as it takes advantage of the fresh jitters on the latter. Although SegWit has been activated, investors can’t help but keep one eye on rival bitcoin cash as it continues to gain more mining power.

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.

A bit of consolidation is still evident for BitConnnect Coin on its short-term time frames as it stalled from the bounce close to the area of interest at 0.028. Volume has been elevated so far this week, though, to reflect stronger investor interest.

Zooming out shows that Bitconnect Coin is still trying regain its uptrend traction to bitcoin and it would need to break past 0.03 to signal that more bulls are joining the fray.

But if resistance keeps holding, a drop to the August lows could be possible. Nonetheless, its upward momentum remains intact as it hit an all-time high of $115 last week.

Coinmarketcap reported that the trading volume of BCC peaked at $10 million, reaching a market cap of $742 million and a price of $115 mostly due to the dip in bitcoin price following the resurgence of concerns surrounding the hard fork. For now, it remains to be seen how both cryptocurrencies could fare as traders are staying on their toes for any potential issues that may arise following the activation of SegWit.

Bitconnect has a substantially high daily trading volume of $9.2 million, which is significantly higher than that of other rival cryptocurrencies. BitConnect Coin is currently the 12th largest cryptocurrency in the market and its liquidity could rise along with bitcoin from here.