The price of alternative cryptocurrencies has almost always been highly correlated to that of Bitcoin, and this correlation has been particularly clear over the course of the past week. A significant number of the market’s alternative cryptocurrencies were negatively impacted by the short-term price correction that Bitcoin experienced. However, it did not do so in a consistent manner.
Although the price of Monero has seen significant gains over the past week amounting to over 26 percent, the upward momentum appeared to be slowly dropping at the time this article was written. The coin was trading at $333.5 at the time of publication and had made contact with significant resistance at $356.2 – a level that it has been unable to break through, despite making a few attempts to do so. In the event that the market moves in a bearish direction, the price of the cryptocurrency can find stability at the two important support levels located at $303 and $273.
The coin’s technical indicators painted a picture of waning bullish momentum, as the RSI moved out of the overbought zone and headed toward the neutral zone. [C]oin’s bullish momentum has been decreasing. On the other hand, the MACD indicator experienced a bullish crossover, and a reversal did not appear likely to occur within the next twenty-four hours. As a result of this, it is possible to deduce that the price of the alternative cryptocurrency will continue to consolidate as it trades in a sideways direction.
For over a week, the price of NEO traded within a very narrow range before the alternative cryptocurrency finally broke out of it a few days ago. The price trend of the altcoin that was ranked 29th in terms of market capitalization did not align very well with that of the altcoin market. However, in a manner analogous to that of XMR, the price of NEO ran into a significant barrier of opposition at $86.
If bears were to take control of the market, which would result in a minor price correction for the coin, there are two strong supports located at $69 and $56. These supports may be sufficient to help stabilise the price.
A compelling picture emerged from the analysis of the alt’s technical indicators. The EMA Ribbons were located at a price that was significantly lower than the current trading price at the time of publication and were only likely to offer support at the price level of $56 – a significant drop for the coin. The RSI had reached a level that indicated overbought conditions and appeared to be moving away from that zone. As a consequence of this, the market may experience a correction in the short term as it shifts into the hands of sellers.
During the timeframe [i.e. from the last week of March up to the present], the value of many of the market’s alternative cryptocurrencies increased by significant margins. Despite this, Verge experienced the opposite of what was expected as its downward trend continued. It is interesting to note that the price has been increasing over the past few days, and at the time of publication, the coin had seen some of its momentum arrested around the level of $0.056.
At the time of this article’s publication, the price of XVG was $0.048, and its 24-hour trading volume was $81 million. In the event that the price continued to move downward on the charts, there are two significant supports located at $0.04 and $0.03 that have the potential to keep the price stable.
The Bollinger Bands have come closer together, which indicates that volatility has decreased. Despite the fact that the MACD indicator went through a bearish crossover, a trend reversal appeared to be extremely likely in the short term.