Cryptocurrency News Today – Headlines for July 24

  • STEEM is currently in correction after rising alongside Bitcoin
  • Bitcoin Cash is trading well below its major resistance
  • Tezos has posted YTD gains of more than 128% at press time

Cryptocurrency News Today – the digital currency market has noted a minor resurgence a the past few days after the price of Bitcoin. Recall that the value of the world’s largest digital currency by market cap broke out from its stagnant price action to post minor gains. The digital asset market quickly followed BTC’s price action. This resurgence came at a good time for assets like Bitcoin Cash (BCH), Tezos (XTZ), and STEEM. Let us see how these three digital assets have performed in the last 24-hours.

STEEM is Currently in Correction After Rising Alongside Bitcoin

STEEM, the crypto native to the Steemit platform, has had a tumultuous year so far. The social media and content-sharing platform’s token initially made waves in May after it became known that Steemit, which was acquired by Justin Sun of Tron, will confiscate the accounts of dissidents just weeks after the Hive hard fork. Like the above offerings, STEEM has risen alongside Bitcoin. However, at press time, STEEM has begun correcting. The Awesome Oscillator can be seen on the barest of bullish momentums. Meanwhile, the MACD line is set for a bearish crossover alongside the Signal line.

Bitcoin Cash is Trading Well Below its Major Resistance

Bitcoin Cash has gone through a difficult phase in the past few months. In fact, despite multiple attempts to initiate a sustainable uptrend, at press time, BCH has continued trading at the price position that’s below its major resistance. This is the same price area it last visited during the first week of June. The 6% hike posted by BCH in the past few days came after a 6.4% drop for the coin.

The above-mentioned upward movement has had an impact on BCH’s technical indicators. Both the Parabolic SAR and RSI (Relative Strength Index) have initiated a trend reversal. The Parabolic SAR’s dotted markers are beneath the price candles indicating bullishness in the market. Meanwhile, RSI is in between the overbought and oversold areas.

Tezos has Posted YTD Gains of More Than 128%

Tezos has been on the best-performing cryptos in the market in recent months. At press time, XTZ has registered YTD gains of 128%. On the contrary, July saw the price of XTZ climb exponentially. While Tezos did undergo some correction as it dropped by 12%, Bitcoin’s price hike rescued it and pushed it up by more than 10%. The widening outlet of the BB (Bollinger Bands) indicates some degree of volatility in the price of the digital asset in the near-term. The Chaikin Money Flow has continued to stay healthy, which implies that there is greater capital inflow than outflow for the digital asset.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.