Monero, Neo, Verge Price Movement Analysis for 16th April, 2021

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The altcoin demand has always been heavily associated with Bitcoin’s valuation, and this was apparent over the last week. Many of the market’s altcoins is impacted by Bitcoin’s short-term price reversal. It did not, however, do so equally.

Monero [XMR]

Monero’s price has increased by more than 26 percent in the last week, but at the time of publication, the upward trend seemed to be slowing. At the time of publication, the coin was trading at $333.5 and had come into touch with high resistance at $356.2 – a mark that it has yet to break, despite a few attempts. If the pattern turns bearish, the cryptocurrency will depend on two high support levels at $303 and $273 to keep the coin’s price stable.

The coin’s technical indicators showed declining bullish momentum as the RSI moved out of the overbought zone and into the neutral zone. The MACD tracker, on the other hand, saw a bullish convergence, suggesting that a turnaround was unlikely in the next 24 hours. This could mean that the altcoin’s stabilisation process would continue as the market trades sideways.

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Neo [NEO]

Source: NEO/USD, TradingView

NEO’s price has been trading in a narrow range for over a week, with the alt only breaking out of it a few days ago. The 29th-largest altcoin’s price pattern was out of line with the altcoin industry. NEO, like XMR, came into touch with a high resistance range at $86.

If the bears gain over, two solid supports at $69 and $56 could be enough to help stabilise the market, resulting in a small price correction for the coin.

The alt’s technological indicators painted a curious picture. The EMA Ribbons were just below the press time market price and were only likely to have help at $56 – a big decline for the coin. The RSI was deep into overbought territory and seemed to be pulling out of it. This could result in a short-term correction as the demand shifts into sellers’ hands.

Verge [XVG]

Source: XVG/USD, TradingView

Many of the market’s altcoins rallied by significant margins during the timeframe [last week of March to date]. Verge, on the other hand, saw the reverse happen as it went on its downward trajectory. Interestingly, the price has risen in recent days, and as of press time, the coin’s momentum has been halted around the $0.056 mark.

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At the time of publication, XVG was trading at $0.048 with a 24-hour trading volume of $81 million. If the stock is to fall on the charts, there are two good supports that will keep the price stable at $0.04 and $0.03.

The Bollinger Bands converged, indicating lower volatility. The MACD predictor showed a bearish crossover, but a pattern turnaround seemed very probable in the near term.

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