After Bitcoin, the world’s largest cryptocurrency, registered a slight correction in its price, altcoins such as Bitcoin Cash, NEM and Decred followed suit and also fell in the charts.
Bitcoin Cash [BCH]
Source: BCH / USD, TradingView
The price of Bitcoin Cash recorded high volatility during the month of December. Earlier this month, the cryptocurrency’s price tested support at $ 256.38, before rising steadily, up to $ 380 on December 21. However, the same has recovered after hitting this price point, losing 29.3% in the last few days. The depreciation of the cryptocurrency also affected monthly BCH returns, dropping 19.2%.
At the time of writing this article, BCH is heading towards support at $ 256.5. In the short term, the price may trade between its immediate resistance and support levels at $ 256.51 and $ 297.32, respectively. Another move south could see the price drop to its next support level at $ 234.63. Therefore, the decline could continue in the near future.
The relative strength index implied a decline as it headed towards the oversold zone. Finally, the Chaikin Money Flow has shown that silver is moving away from the cryptoasset, with capital outflows consistent with the price drops in recent days.
NO [XEM]
Source: SEE / USD, TradingView
Although XEM has been on an uptrend since November, its recent trading sessions have seen prices drop drastically. After hitting a two-and-a-half-year high last week, the cryptocurrency has fallen 38.45% on the charts. Trading near its support level of $ 0.196 at the time of publication, XEM’s price may continue to decline in the near term, with the next support at $ 0.138 potentially providing a respite. If the price of XEM bounces and rises, the resistance at $ 0.235 could be tested.
The Awesome oscillator recorded a massive spike in bearish momentum, suggesting that the price may continue to fall before a reversal occurs.
The On Balance Volume has also shown waning interest in the cryptoasset, indicating that the price may remain bearish in the near future.
Decred [DCR]
Source: DCR / USD, TradingView
Decred’s price consolidated during the month of December, with the crypto hitting lower highs and higher lows on its price chart. Overall, December was a good month for DCR, with monthly returns rising 45.45%, placing the cryptocurrency among the highest gains of the month.
However, the last few sessions have seen the cryptocurrency price reach resistance at $ 36.54 and move lower, towards support at $ 30.57. In the short term, the price could trade sideways between these two channels.
The MACD The indicator implied a decline as the signal line was moving well above the fast moving line. However, the histogram registered a slight dip in bearish momentum, reiterating the fact that prices may move sideways in the coming sessions before a reversal.
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