Crypto Tokens Losing Value on August 12th: ZEC, BAND, BCH. Opportunity for Investors to buy in Dip?

Written by: Dare Shonubi

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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Aug 12, 2020


    General markets swing into bearish sentiment

    95% of cryptocurrencies are falling at the moment

    All categories of coins are affected by the general plunge

The ongoing alt season is sure what we have been waiting for. It feels like many altcoins are trying to catch up with the tides as we observe new players entering into the gainer’s zone.

However, the story of the gaining narrative seems to have diverged since the past 24 hours.

Bitcoin as well as many altcoins are slashing the gains accrued within the last 5 to 7 days of bull markets. Below, we present a list of top losers with their corresponding percentage losses:

#1. Zcash (ZEC 11.3% Loss):

Zcash is one of the top losers of today despite making gains just a few days ago. The coin losses around 11% in the past 24 hours.

Crypto Tokens Losing

The coin’s market stance is somewhat favorable as traders tend to establish long positions in the wish of forthcoming gains. 81% of traders are bullish on ZEC. 

Within the last year, ZEC gained 43.5% and up by 45% in the last one month. The coin is currently trading at $81 with market cap stabilizing around $800 million. 

Technical points

ZEC seems to have fallen into a deep recession after gaining around 50% in the last month. The price failed support at $88 and also at $86 and $84 respectively. At current price, the next level of resistance lies at the $80 level.

  • RSI moving flat at the 20.0 level. This may become the beginning of the next bull run beyond $85.
  • Next level of major support at $80
  • Next level of major resistance at $82.

#2. Band Protocol (BAND 21% Loss):

BAND is the most disappointing loser on today’s list. With an additional 21% loss today, the coin drains its previous gains to around 150% for the previous week.

Band Protocol (BAND 21% Loss)

With 92% market positiveness, BAND sends wide bullish signals and may climb as a result.

BAND failed the central resistance at the $15 level and has set additional support at $13.5. In the circumstance that a price dip occurs, the next level of minor support lies at $12. Although an upside action is most inclined from here, extra resistance lies up the chart at $13.0 area.

Technical Indicators

  • Next major resistance at $13.0
  • Next major support level at $12
  • Resistance Strength Index returned form the 80.0 overbought condition.

BAND is now trading at $12.5 and its markets are valued at $253 million. 

#3. Bitcoin Cash (BCH 8.44% Loss):

BCH receives the next spot amidst this wave of market losers with 8% loss

Bitcoin Cash (BCH 8.44% Loss)

BCH is immediately changing hands at $275 as the market capitalization sinks to $5 billion. The coin’s exchange volume in the last 24 hours is approximately $2.4 billion.

Technical Points

BCH halted at the resistance level at $300 to crash below the level. Finally, the coin dipped all the way to $275 with 8% loss

Below this level, the additional level of key resistance lies at $272 where prices have assessed and declined in the past.

  • Next major resistance $300
  • Next major support at $270
  • RSI approaching overbought condition at 70.0

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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