The likes of Bitcoin SV, Monero, and BAT token continued to dwell in sideways movement after the depreciation on 1st August. With the consolidation phase extending beyond 48 hours, anticipation looms large on whether the next breakout is going to be bullish or bearish. The aforementioned altcoins have a different perspective over the past 24-hours with BAT token witnessing a rise unlike the decline faced by BSV and Monero.
Bitcoin SV [BSV]
According to the 1-hour chart, Bitcoin SV is yet to recover its losses from its recent drop, and the asset is currently trading near the lower range of the enormous decline. A support line at $218 was observed, with BSV being valued at $226 at press time.
Market indicators were neutral/bearish for the asset with Relative Strength Index or RSI indicating a 50 index. Even though there was neutrality between buying and selling pressure, Parabolic SAR suggested a bearish trend as the dotted lines were observed over the candlesticks. Bollinger Bands appeared to converge, suggestive of a reduced volatility period. Bitcoin SV had a market cap of $4.18 billion at press time.
15th ranked Monero has been less disruptive over the past-day with a minor decline of 0.74 percent. Its trading volume continued to below industry standards at 81 million but the asset boasted a $1.545 billion market cap. Monero was valued at $87, maintaining its consolidation between $85 and $100.
Market Indicators were pretty divided as well, with Chaikin Money Flow or CMF indicating that capital inflows and outflows had nullified each other at press time. With buying pressure seemingly increasing in the charts as suggested by Relative Strength Index, Bollinger Bands continued to picture a reduced volatile period for the privacy coin.
Earlier last month, it was reported that the IRS is possibly trying to de-anonymize privacy tokens such as Monero, Zcash, etc, to improve their validity and legal standpoint.
Basic Attention Token [BAT]
Lastly, BAT tokens surprisingly registered a hike of 2.55 percent over the past day as its market cap of $385 million accompanied its decent trading volume of $131 million. BAT continued to lowly ranked at 34th in the standings.
Now, in spite of being positive in the price department, the indicators hinted towards a bearish reversal. MACD, though bullish at press time, remained at close proximity to the red line, suggestive of a bearish reversal. Awesome Oscillator also pictured the appearance of a red candle, which indicated the build-up of bearish momentum.
However, Bollinger Bands remained parallel to each other which meant volatility might undergo little change in the future.