Bitconnect Coin continues its sideways price action to the dollar and bitcoin, although these counterparts have their own driving factors. Against bitcoin, price is moving slightly below the bottom of its range to signal an increase in bearish pressure.
The moving averages are still oscillating to reflect range-bound market conditions while stochastic is pulling up to show that there’s some bullish pressure left. With that, Bitconnect Coin might still move up to test the top of its range. RSI is treading sideways, also suggesting that price could consolidate much further.
Bitcoin is gradually regaining ground and trending higher across the board, albeit at a slower pace compared to its previous rallies. Liquidity has taken a hit but the market share in Japan is slowly making up for the drop in Chinese volumes.
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.
Against the dollar, Bitconnect Coin is still trending slightly higher but is stalling at the 4000.00 resistance. Dollar demand is returning on renewed Fed rate hike prospects and the focus on tax reform by the Trump administration. At the same time, risk aversion still seems to favor either the dollar or bitcoin versus rival cryptocurrencies.
Looking ahead, the NFP release should be the main catalyst for Bitconnect Coin versus dollar price action in the days ahead as a strong read could mean stronger tightening odds while a downbeat result could mean dollar losses.