Bitconnect Coin is on a tear against bitcoin even as the latter managed to successfully complete a hard fork without any major issues. Cryptocurrencies have been faring well in general for the past few sessions as geopolitical risk is keeping demand for these alternative assets afloat.
Headlines on North Korea’s threats to launch a missile strike on Guam, the nearby U.S. territory in the Pacific, are keeping traders on edge. This typically leads to outflows from traditional higher-yielding assets like stocks and commodities onto alternative holdings like bitcoin and Bitconnect Coin that still offer high returns but are less susceptible to political issues.
On the short-term time frame, it can be seen that Bitconnect Coin continues to trend higher and may be forming an ascending channel. Price is currently testing the resistance and could be due for a brief pullback to support. Bitconnect Coin is up 2.24% against bitcoin and could be in for more.
Zooming out to a longer-term chart shows that price is slowly edging higher, trying to make a convincing break past the strong resistance at 0.025. Higher lows can be seen, reflecting stronger bullish pressure.
Price is hovering right on the resistance as seen on a bigger perspective but volume has yet to tick higher to sustain a potential upside break. For now, traders appear to be waiting for the next big catalyst on bitcoin or in the global markets before taking this cryptocurrency pair in a particular direction.
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.
Author: Sara Jenn