With the larger market sentiment being moderately bearish, most altcoins either continued to consolidate or plunged due to their bearishness. Ethereum Classic [ETC] and Bitcoin SV [BSV] saw sideways price movement with short candlesticks which highlighted that the market action was slow. On the contrary, Verge [XVG] saw slight gains and might see a trend reversal going forward.
Even though Ethereum Classic got its new Mantis update and Bitcoin SV saw the release of SPV channels CE v1.1.0 introducing new mobile functionalities, the alts’ prices didn’t see any major ups and downs. Verge though saw an almost 20% price rally in the last two days.
Ethereum Classic [ETC] was trading at $57.9 at press time and oscillated in close proximity to the support level at $22.5. Since June 1, the asset’s price has fallen by almost 20% while its ROI over the past 30 days, v. USD, was down by almost 32%.
On a four-hour chart, the Bollinger Bands for the altcoin depicted a steady parallel movement indicating that market action was slow. The Awesome Oscillator was under the zero-line and with the appearance of red bars, it further suggested that bearish momentum was creeping in for ETC.
Even though the Relative Strength Index for the alt highlighted that it was in the neutral zone, oscillating between 35-50, selling pressure was pushing in, with the same evidenced by the slightly downward trajectory of the indicator. However, at press time, the RSI remained constantly below the 45-mark. Price action for ETC has been largely dormant post the price rally that took place towards the end of May.
Bitcoin SV [BSV]
Bitcoin SV, after the May 19 price fall, noted restricted price movement between the $152.1 support and $191.5 resistance levels. At press time, the asset ranked 31st on CoinMarketCap, was down 64.51% from its all-time high. BSV was trading at $170 at press time and green candles on its four-hour chart suggested slight signs of gains.
The Relative Strength Index for BSV highlighted that even though it was in the neutral zone, oscillating between 40-55, buying pressure was pushing in. At the time of writing, the RSI was 54.8, a position that could push the price of the asset up.
Furthermore, the Parabolic SAR’s dotted lines below the candlesticks pointed to a bullish momentum creeping in. This corresponded with the Chaikin Money Flow’s slight upward trend at press time which suggested that cash inflow pressure was increasing. The CMF had touched zero at press time and further inflows could move the price north.
Verge saw a bullish rally as its price went up by 19% after June 8. The alt was trading at $0.0295 at press time, down 89.84% from its all-time high, and had a breakeven multiple of 9.84. On June 9, XVG tested its resistance at $0.0348 before falling down. Since then, its price has seen a slightly downward trend.
Bollinger Bands for the alt highlighted a steady parallel movement since they briefly opened up on June 7 and started contracting on June 9. The low drag of the Average Directional Index (ADX) displayed positive cues. As long as the red line indicator remains under 25.0, the asset could have some chances of rallying.
Further, the MACD and Signal lines underwent a bullish crossover on June 10 and moved close to each other again. This could point to an upcoming trend reversal in the near future.
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