There was a slight recovery in the market yesterday where most cryptos danced in the green giving investors a glimmer of hope, other what others may call an earlier Christmas.The market added at least $3 billion to its value with assets like Bitcoin reclaiming broken support areas. Bitcoin price corrected above $3,400 and is trading at $3,424. Ripple (XRP) attempted a recovery but the bulls got discouraged by the failure to break above $0.31. XRP is trading at $0.3035 while protecting the week-long support at $0.30. Ethereum (ETH), on the other had is changing hands at $89.59 and is slightly in the green although the bullish trend fizzled out on touching $90.00 yesterday. The entire market is mixed red and green showing that the bears are not done yet.
Verge is trading at $0.0058 after it found balance from the recently traded lows of $0.005365. The downward trend took effect on November 29 following the failure to break the resistance at $0.0105. The crypto embarked on a trip downstream amid a general market slump that saw legacy assets like Bitcoin form new annual lows.
The bounced from the lows mentioned corrected past $0.0065 but turned bearish on reaching the 38.2% Fib retracement level with the last high taken at $0.00868 to a low of $0.005365.Further correction from this resistance sent the price below the moving averages on one-hour time-frame chart trading lows of $0.0056 before a slight rebound during yesterday’s trading session.
At present both the 21 SMA and the 50 SMA are offering immediate support. The stochastic has touched 20 percent mark but is heading north to signify a bullish correction. The 21.8% Fib level is the first resistance while the 38.2% Fib level is the second hurdle. The major support, to the downside is at $0.0053 (swing low).
The asset is trading slightly in the green on Thursday. It recently broke out of the descending channel only to fall into the trap of another ranging channel. SC/USD is currently valued at $0.002357 and is trading below the hourly 21-day and the 50-day simple moving averages. The trend at the moment is bearish as seen from the indicators on the chart. There is an initial support at $0.0023 likely to act as a significant bounce wall in the event the declines progress.
On the upside, the moving averages are immediately limiting gains while the next resistance target is seen at $0.0025. Moreover, the supply zone at $0.0027 is the key resistance hurdle, besides being a key breakout point for SC/USD to scale the heights above $0.003.
Dogecoin price dropped from one range channel resistance only to fall into another. The volatility in the asset is slowly reducing compared to the levels in November and the first week of December. The Bollinger bands are currently narrowing into a constriction to show that a breakout is around the corner. Dogecoin is trading at $0.002140 below the trendline resistance. The range support at $0.002101 is acting as the bounce wall for the ongoing bullish move. Dogecoin must step above the range resistance at $0.002199 in order to for it to gain momentum attack the next range resistance at $0.002296.
On the flipside, the initial support at $0.002101 will continue to hold ground in the sessions on Thursday.However, a trend reversal occurs below this level, Dogecoin will find another support at $0.002005.