Stellar, BitTorrent, DigiByte Price Analysis: 28 February

Monday 01 March 2021, 12:01 AM AEST - 1 month ago

The cryptocurrency market has had to face increased bearish momentum in the past week and with Bitcoin dropping to the $45k price range, many of the markets altcoins too have followed BTC and traded lower. At the time of writing, Bitcoin was trading at $44,474 with a 24-hour trading volume of $42.9 billion.

Source: CoinStats

For altcoins like Stellar, DigiByte, and BitTorrent such has been the case and an immediate recovery looks unlikely given the current market conditions.

Stellar [XLM]

Source: XLM/USD, TradingView

Stellars price fell by over 15 percent in the past week and currently trades at $0.41. According to CoinMarketCaps list, the coin has a market capitalization of over $9.3 billion and occupies the 10th spot. The coins price has tested the support at $0.37 in the past few days and is now making slight gains towards its immediate resistance at $0.54. If the present support would fail, XLM may even drop down towards the second support at $0.27.

The Bollinger Bands for the coin have contracted and show less volatility in the coins price action. The RSI indicator looks bearish at the moment as it heads closer to the oversold zone.

BitTorrent [BTT]

Source: BTT/USD, TradingView

BitTorrents price fell by over 28 percent in the past 7 days and is currently valued at $0.0011. The bearish pressure is visible as the coins price plummeted by over 8 percent in a days time. The coin is currently testing its support level around its current trading price and if this support fails BTT is likely to undo all its recent gains and trade around the $0.0004 ...

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