In the latest altcoin news, we are seeing a massive surge in the cryptocurrencies Tron and Augur – that are now rising by 5% against both BTC and the US dollar. Meanwhile, the volume of Bitcoin has failed to recover from the $3 billion regions and is down more than 30% since late September.
However, the $5,800 support line is still very possible for the most dominant cryptocurrency, according to analysts. Even though Bitcoin is now relatively stable after its steep fall to below $6,300, the cryptocurrency may suffer from another drop.
What can be said right now is the BTC has been able to defend the $6,000 support line relatively well – and most of the major altcoins have followed. As one cryptocurrency technical analyst named Don Alt noted, $5,800 is the most possible target if Bitcoin goes below the $6,000 margin. He said:
“Ugly daily close on BitMEX. The 4H is still at support and I generally don’t like shorting $6,00. That said this isn’t pretty, we need to crawl back above the daily resistance quick otherwise we might visit $5,800.”
There are many traders right now who are expressing their concerns over the sudden drop in the price of Bitcoin. The altcoins Tron and Augur, however, have been in the green lately, making most of the investors rich and preparing for the new upgrades.
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