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  • BCD gained over 100% on a weekly basis, but the upside mar prove to be unsustainable.
  • Positive fundamental news supported the coin.

Bitcoin Diamond has been one of the most volatile coins lately. After a strong growth (+109% on a weekly basis), that pushed it to the 23th place in crypto rating, the coin lost over 50% in a single day to trade at $17.94 by the time of writing.

This coin forked from Bitcoin blockchain with the aim to focus on decentralization feature. The team behind the project claimed that they would restore the mining functionality with common Graphics Processing Units instead of specialized mining equipment ASICs. In May 2018 Bitcoin Gold fell victim to double spend attack, but managed to recover from this unhappy event.  

Currently,   Bitcoin Diamond (BCD) takes the 42th place with a market value $335M and average daily trading volume $5M. The coin is highly volatile, both in terms of price movements and trading volumes; however, a series of positive fundamental events may eventually provide a necessary background for sustainable recovery.

First,    one of the leading cryptocurrency exchanges added  HitBTC to its listing, which is definitely the good news for the community. Apart from that, the dev team published the progress report with lots of improvements and positive trends, including   Lightning Network  tests. The team announced that they finished working on BCD wallet functionality and promised a lot of interesting features ahead.  

Bitcoin Diamond’s technical picture

BCD/USD is well supported by 50-SMA (4-hour chart). currently at $17.00. Once it is broken, the price will continue sliding towards $16.50 and possibly $14,22 (100 and 200-SMAs respectively). On the upside, the resistance is created by $18.38 (Monday’s high), followed by $19.00 and $20.00.

BCD/USD, 4-hour chart