Price Analysis

Bitcoin Diamond Loses a Subsequent Demand due to Price Slash

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Bitcoin Diamond is believed to be better and more multifaceted than cash and holds lower transaction fees than any credit card would otherwise charge. Alongside this, it also extends stupefying exchange rates than any centrally backed currency leading to quick transactions with complete ease. BCD is one of the top cryptos amongst the top drivers of the global market and is better than holding fiat.

However, Bitcoin Diamond waived off its gains as the entire market crashed and the largest cryptocurrency by market capitalization—Bitcoin is testing supports around $10.3k in the intraday.

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Bitcoin Diamond Price Analysis

Bitcoin Diamond (BCD) Price News
BCD/USD Chart By TradingView

Bitcoin Diamond is not drawing a specific pattern against the US Dollar, and with a long bearish candlestick, BCD/USD plummeted from $0.97 to $0.54 on the 24-hour chart. The coin has lost a subsequent amount in the recent market crash, and the trend is currently breaching the lower 20-day Bollinger Band on the daily chart with completely lost support from 50-day and 200-day MA after plummeting below $0.85 & $0.65.

The widening of Bollinger Bands project widening volatility in the near-term and the coin is yet to reclaim the lost height that is marked at the onset of the year. While BCD draws a complete negative bias as it lost support around $1.0 and reclaimed to 3-month lows.

The MACD chart of Bitcoin Diamond also draws a bearish divergence, and the signal line crosses above the MACD line on the daily chart, which lacks traction. Similarly, the RSI of the coin is seen approaching the oversold region due to negating demand, which lies at 35.02.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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