Most of the market’s altcoins have registered price corrections on their charts over the past few days. While the past week did see many coins post double-digit gains, the trend may be changing, as evidenced by the past 48 hours. Such was the case for altcoins like ETC, Algorand, and Verge.
Ethereum Classic [ETC]
Since 25 December, ETC has traded within the narrow confines of its resistance at $6.04 and support at $5.45. At press time, ETC was being traded at $5.5, with the crypto noting a market cap of $650 million.
Such bearish sentiment was extremely evident when observing ETC’s technical indicators. The Stochastic indicator had fallen from the overbought zone and was in the oversold zone, at press time. Further, the MACD indicator echoed a similar view as it underwent a bearish crossover.
Algorand’s price action saw more ups and downs over the past few days. The coin, at press time, was valued at $0.33 and witnessed a 12.9 percent hike in the past 7 days. Algorand seemed to be testing the support at $0.327 and if the coin can bounce back, it will soon come in contact with the strong resistance range between $0.34 and $0.36.
The EMA ribbons seemed likely to sustain Algorand’s press time price position as it settled below the coin’s press time price and may help it move upwards. The RSI indicator also looked promising as it continued to remain in the neutral zone. However, at the time of writing, it was heading towards the overbought zone.
Verge’s price seemed to be in a consolidation phase, with the same trading at $0.0078 with a market cap of $126 million, at press time. The cryptocurrency enjoyed a strong level of resistance at $0.0083 and if the coin were to see a price drop, it may be able to rely on the supports at $0.0071 and $0.0064.
The Bollinger Bands contracted significantly and signaled the possibility of Verge continuing to trade between a narrow channel. The RSI indicator, on the other hand, was close to the overbought zone – a bullish sign for the coin’s price.