The continuing price declines across the market have left all coins trading in red over the last 24 hours. As the trend flips recent gains upside down, a few coins are having the worst of it. Here is a brief technical analysis of Tron (TRX), Verge (XVG), and IOTA (MIOTA).
TRON (TRX) Technical Analysis
Verge (XVG) had looked to hold out above $0.05 before Sunday’s bloodbath swept it to sea despite the 61.8 Fib. However, it dipped to break below $0.040 to trigger fears of a sell-off.
By Tuesday, the coin showed signs of a brief upturn following the 78.6 Fibonacci retracement level. It briefly rose to $0.045, but declines in BTC prices have pushed it back below that price to the current $0.041.
XVG/USD will look to find support at $0.040 while trading stays in the range between the two support lines at that price and $0.044. The bulls must stay alert at these areas to avoid breaking below $0.039, a very critical trendline.
At the moment, XVG/USD pairs are teetering on the edge of a volatile line. The technical indicators all show that the coin is firmly in the bearish zone. The bulls have no recourse at the moment.
The coin’s Relative Strength Index 25.18 and Stochastic Oscillator 18.67 indicate that the XVG market is trading in oversold territory. Moving averages 55 and 89 also indicate selling.
RSI (14) 25.18- oversold
Stoch%D 18.67- oversold
The coin’s 7-day Exponential Moving Average has also crossed below its 100SMA. This scenario is indicative of a downtrend in both medium-term and long-term.
Verge (XVG) Technical Analysis
Verge (XVG) has come fallen way off its April highs of $0.145 in the run-up to its announcement about a partnership with Pornhub. To get there, it had rallied from $0.030. Things have gone south ever since, culminating in the current $0.02688 price.
Attempts to recover from a series of lower lows have been rebuffed twice; first by the hack that compromised its network and last weekend’s bloodbath. As a result, XVG remains in a gripping downtrend.
Previous attempts to get support at the $0.030 and $0.028 areas have failed. Since pockets of a bounce back have vanished, the very least is to have strong support at $0.26 and look to exploit any positivity by pushing for the 300 Satoshis level.
From this point, XVG/USD would target $0.0350 then $0.0400 as it breaks above last week’s high of $0.057. This is all possible with recent pullbacks before the current decline and the fact that the coin is virtually on its bottom. A bigger pullback could see it bounce up above the immediate key resistance line at $0.035. Any other outcome and the coin can test early December 2017 prices.
RSI (14) 29.19 – strong sell
Stoch%D 6.67 – oversold
Both the 100MA and 200MA are indicating selling positions. It would pay to hold and only move to sell on highs during shorter time-frames.
IOTA (MIOTA) Technical Analysis
IOTA’s recent surge in value could be easily relegated to the background if current price declines continue. The bears have taken control and the coin is 12% lower as a series of lower lows continues since Sunday’s blockbuster dips.
Just a week ago, IOTA/USD was trading at $1.75, on the back of a run that seemed only temporary. At the moment, the coin is trading at $1.19. It has broken below consecutive support lines of $1.55, $1.40 and $1.30.
It’s hard to tell where IOTA will get a support line, as it appears to be in free fall over the last 24 hours. The coin is experiencing flash dips and it could break below $1.10 before long. The bulls must find strong support at $1.15 and see a bounce back above $1.20.
If the bears take full control and the IOTA/USD breaks below $1.10, then it could head towards its early April lows or late November 2017 prices.
At the moment, it appears the bears are stacked against IOTA. The RSI (14) value is 33.19 indicating strong sell as is the Stochastic Oscillator that shows its trading in oversold conditions. The 200MA and 100MA on the daily charts also show that the best short-term strategy is to sell.