Polkadot, IOTA, Verge Price Movement Analysis for 5th June, 2021

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After Bitcoin was denied another rise above $38,000, alts like as Polkadot, IOTA, and Verge wiped all gains earned in the previous 24 hours. DOT was approaching the $21.4-support level, while IOTA was attempting to re-test its 23.6 percent Fibonacci level. XVG, on the other hand, had decent increases but has failed to break through the significant resistance zone between $0.0383 and $0.0433.

Polkadot [DOT]

While the discussion between Polkadot and Ethereum continues, a peek at their charts revealed that DOT shared a solid association with its larger opponent. Since Ethereum has been unable to break above its upper limit of roughly $3,000, DOT’s movement has been limited to below $30.

After yesterday’s decline, DOT had fallen below the $24.5-support level, and the bulls had yet to regain lost territory. Sharper losses in the coming hours would bring the cryptocurrency down to the $21.4-support level, from which a comeback is forecast. Any efforts to go lower than this would almost certainly be met with resistance in the demand zone between $13.6 and $16.

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As the focus would be on various support levels identified on the 12-hour period, the RSI established lower highs, indicating potential weakness. As the market shifted to the bears, the MACD line fell below the Signal line.



Source: IOTA/USD, TradingView

IOTA effectively defended its 23.6 percent Fibonacci level ($1.14) from a collapse, though this level remained under scrutiny. The Squeeze Momentum Indicator showed selling pressure, and a succession of red bars would send IOTA down on its 4-hour chart. A breach from $1.14 might jog the memory of sellers at the defensive line at $0.93.

Meanwhile, the EMA Ribbons might provide extra support and help to prevent another slump. The crossover of the EMAs appeared to indicate that the negative trend in the IOTA market was reversing. In a bullish conclusion, IOTA might breach its 38.2 percent barrier ($1.44) and move over the 50 percent mark at $1.67.


Verge [XVG]

Source: XVG/USD, TradingView

A 26 percent increase in the past 24 hours demonstrated that bulls were in control of the Verge market. Despite yesterday’s drop, XVG maintained an upward trajectory, supported by solid volumes and buying pressure, as attention switched to multiple resistance levels on its 4-hour chart. The first big resistance zone was located between $0.0383 and $0.0433, which sparked XVG’s bull run in mid-April. Surprisingly, this region also corresponded to the 200-SMA (green).

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A hike over this zone may result in another 25% rise, although this seemed improbable. As XVG needed to reset before its next upcycle, the RSI indicated overbought circumstances. This might happen at the $0.031-support level. However, bullish momentum was developing on the Awesome Oscillator in preparation for a larger price movement.

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