Bitcoin’s dominance rate is decreasing. That means that less people are using it than before. It dropped to 48.67% on May 23, which is less than its high of 58.94% in December 2018.
BTCD has been following a line since Jan. 3, 2021. The line on March 24th caused a rejection, leading to an accelerated downward movement.
On May 19, BTCD had a low of 39.66% and then it bounced to a high of 48.67%. It failed to reach the resistance line and has been going down since then.
Technical indicators are showing signs that the market is going up. The Stochastic oscillator made a bullish cross (green icon) and the MACD histogram is increasing. But it is not yet confirmed because the signal line is still below 0 and the RSI has not reached 50.
Cryptocurrency trader @TheEuroSniper made a chart for Bitcoin Cash. On the chart, he thinks it will go up to 50% before going down again. But the bounce happened and Bitcoin Cash went down since May 23.