Monero Dips by 14.4% As Bitcoin SV’s 17.8% Rise Leads Altcoin Recovery

Key Insights:

  • Bitcoin SV rallied the highest among all altcoins, with an almost 37.4% rise.
  • Monero led the down-trending cryptos losing almost 11% in 24 hours.
  • On the other hand, the leaders of cryptocurrencies, Bitcoin and Ethereum, remained consolidated.

Most of the investors were expecting green candles across the board on the charts today, however, the crypto market did not lean in their favor.

While a couple of cryptocurrencies marked significant rises, most others continued declining.

Monero Becomes the King

Well, not the kind one would want, but for the last 24 hours, XMR has been leading the altcoins that stuck to the week-long bearish sentiment and depreciated further.

At the time of writing, XMR was trading at $120.39, 11% below the close from the day before. 

In the span of mere four days, the altcoin has plunged by 35.47% from the mark of $183. The coin, which had almost recovered from the crash of May 9, managed to test the 50-day Simple Moving Average as resistance and was on the verge of breaching it.

Doing so would’ve allowed it to turn the SMA into support, maintaining the $200 price point.

However, as the market crashed, the price indicators supporting the rise also switched their directions.

MACD exhibited a bearish crossover just as XMR began declining, and at the time of writing, the bearishness on the indicator is diminishing any chances of recovery.

This could result in the coin further decreasing unless the broader market sentiment turns bullish in the next few hours.

Bitcoin SV, on the Other End of the Spectrum

The Bitcoin namesake and hard fork of the king coin’s hard fork, Bitcoin SV, surprisingly managed to prevent excessive damage during the crash.

The altcoin only noted depreciation for 48 hours as it countered the bearishness over the week, declining by merely 18.65%.

At the same time, in the last 24 hours, it almost not only recovered from the entire downfall but also rallied further ahead. With a 37.44% rally, BSV hit the monthly highs of $63.88 before coming back down to close at $51.28.

This single-day rise triggered an uptrend for the altcoin, which is evident in the Parabolic SAR’s white dots’ position underneath the candlesticks.

Furthermore, the Relative Strength Index (RSI) recovered from falling deeper into the bearish zone by sitting closer to the neutral zone.

Thus if the bearishness does impact BSV’s price action, it would still be far away from slipping into the oversold zone.