Bitconnect Coin has had trouble breaking past the resistance levels visible on its longer-term charts and now sellers are taking advantage. On the hourly chart, it can be seen that Bitconnect Coin is nearing support around 0.0335. Volume has been subdued, though, so the sideways price action could continue.
Bitconnect Coin is down 0.06% against bitcoin, which has recently surged to new highs against the dollar. More evidence of bearish momentum can be seen on the daily time frame as price has formed lower highs for the past three days.
This could be indicative of sustained selling pressure that might even be strong enough to push for a break of the 0.033 support and a move to the next floor at 0.032.
On the longer-term chart, there is still some evidence of an uptrend for Bitconnect Coin but price is already testing the rising trend line connecting the latest lows. A break below this support area could confirm that more losses are in the cards.
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.
Bitcoin is nearing its next network upgrade that could enhance its transaction processing time, similar to the results from the August upgrade. Although a rival version called bitcoin gold is gaining popularity, many believe that the “hard fork” will have a similar outcome to that of a few months ago and lead to a more stable bitcoin network.
If so, other rival versions like Bitconnect Coin could also lose traction as more investors put funds back in the original bitcoin version.