The altcoin market has always been highly correlated to Bitcoin’s price and over the past week, this was quite evident. The short-term price correction that Bitcoin underwent affected many of the market’s altcoins. However, it didn’t do so uniformly.
Monero’s price has seen significant gains over the past week amounting to over 26 percent, however, at the time of writing, the upward momentum seemed to be slowly dropping. At press time, the coin was trading at $333.5 and had come in contact with strong resistance at $356.2 – a level which it has failed to breach, despite a few efforts. If the trend turns bearish, the crypto can bank on the two strong support levels at $303 and $273 to stabilize the coin’s price.
Declining bullish momentum was pictured by the coin’s technical indicators as the RSI made its way out of the overbought zone and headed to the neutral zone. The MACD indicator, on the other hand, saw a bullish crossover and a reversal didn’t seem likely in the next 24 hours. This could in turn imply that the altcoin may see the continuation of its consolidation phase as the price trades sideways.
NEO’s price traded in a very tight range for over a week, with the alt finally breaking out of it a few days back. The price trend of the 29th-largest altcoin wasn’t very much in sync with the altcoin market. However, akin to XMR, NEO also came in contact with a strong resistance level at $86.
Two strong supports at $69 and $56 may be adequate to help stabilize the price if the bears were to take over resulting in a minor price correction for the coin.
The technical indicators for the alt painted an interesting picture. The EMA Ribbons were well below the press time trading price and were only likely to offer support at the $56-price level – a significant drop for the coin. The RSI was well into the overbought zone and seemed to be moving out of it. This could result in a short-term correction as the market moves into the hands of the sellers.
During the timeframe [i.e. last week of March to date], many of the market’s altcoins rallied by substantial margins. However, Verge saw the opposite take place as it continued on its downtrend. Interestingly, the past few days have seen the price rise and at press time, the coin had seen some of its momentum arrested around the $0.056-level.
XVG, at press time, was trading at $0.048 and had a 24-hour trading volume of $81 million. If the price were to head lower on the charts, there would be two strong supports that can stabilize the price at $0.04 and $0.03.
The Bollinger Bands converged and indicated lower levels of volatility. The MACD indicator underwent a bearish crossover, however, a trend reversal seemed very likely in the short term.