Bitconnect Coin failed to show much upside momentum as anticipated as the cryptocurrency tumbled sharply against bitcoin. Note that bitcoin is also being bogged down by hard fork fears as the network could split to different version of the cryptocurrency this week, giving rise to incompatibility issues.
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.
On the short-term time frame, it can be seen that Bitconnect Coin crashed below a major support zone around 0.0230 then hit the 0.0215 area. This seems to be holding as near-term support for the time being but bearish momentum seems very much in play after the pullback was completed.
Zooming in to the longer-term time frame shows that price is testing another support level close to 0.021. If this continues t keep losses in check, Bitconnect Coin could make a pullback to the area of interest or even establish a stronger rally. On the other hand, a move below the 0.020-0.021 area could be indicative of steeper losses in the cards.
Cryptocurrency traders are all eyes and ears on bitcoin this week as it inches close to the shift to SegWit2x. It seems to have avoided the hard fork completely but it’s still hard to say how long this sentiment might last, especially given how the tide turned after the BIP 91 lock-in the other week.
Bitcoin Cash is still putting up a fight and support from the network could keep incompatibility concerns in play. A number of prominent exchanges already said that they won’t support Bitcoin Cash but it’s hard to dismiss any possibilities at this point.