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With the overall market attitude being somewhat gloomy, most alts either continued to consolidate or plummeted as a result of their bearishness. Ethereum Classic [ETC] and Bitcoin SV [BSV] traded sideways with short candlesticks, indicating lacklustre market activity. Verge [XVG], on the other hand, had moderate gains and may see a trend reversal in the near future.
Despite the fact that Ethereum Classic received a new Mantis update and Bitcoin SV released SPV channels CE v1.1.0, which includes additional mobile features, the prices of the alts did not fluctuate significantly. Verge, on the other hand, has seen an almost 20% price increase in the previous two days.
At the time of writing, Ethereum Classic [ETC] was trading at $57.9, near to the support level of $22.5. Since June 1, the asset’s price has dropped by over 20%, while its ROI in the last 30 days vs. USD has dropped by over 32%.
On a four-hour chart, the altcoin’s Bollinger Bands showed a steady parallel movement, indicating that market action was modest. The Awesome Oscillator was below zero, and the introduction of red bars indicated that bearish momentum was sneaking in for ETC.
Even though the Relative Strength Index for the alt indicated that it was in the neutral zone, bouncing between 35 and 50, selling pressure was pressing in, as seen by the indicator’s slightly downward trend. However, at the time of publication, the RSI was consistently below the 45-point line. Following the price spike that occurred at the end of May, price activity for ETC has remained virtually inert.
Bitcoin SV [BSV]
Following the May 19 price drop, Bitcoin SV observed limited price movement between the $152.1 support and $191.5 resistance levels. At the time of publication, the asset was ranked 31st on CoinMarketCap and was down 64.51 percent from its all-time high. At press time, BSV was trading at $170, with green candles on its four-hour chart indicating moderate increases.
The BSV Relative Strength Index showed that, although being in the neutral zone, bouncing between 40 and 55, buying pressure was pressing in. The RSI was 54.8 at the time of writing, indicating that the asset’s price may rise.
Furthermore, the dotted lines underneath the candlesticks of the Parabolic SAR indicated a bullish momentum creeping in. This agreed with the Chaikin Money Flow indicator’s small upward trend at the time of publication, indicating that cash inflow pressure was growing. At press time, the CMF had reached zero, and fresh inflows might push the price higher.
Verge saw a bullish bounce, with its price increasing by 19 percent after June 8. At press time, the alt was trading at $0.0295, down 89.84 percent from its all-time high, and had a breakeven multiple of 9.84. On June 9, XVG tried its resistance at $0.0348 before collapsing. Since then, the price has been trending slightly downward.
Bollinger Bands for the alt have shown a consistent parallel movement since they momentarily expanded up on June 7 and began contracting on June 9. The Average Directional Index (ADXlow )’s drag provided good signs. As long as the red line indication remains below 25.0, the asset has a chance to rise.
Furthermore, on June 10, the MACD and Signal lines crossed bullishly and returned to being near to each other. This might indicate a trend reversal in the near future.