Analysis
Tezos, Ontology, Verge Price Analysis: 03 February
Despite many of the market’s altcoins registering gains on the price charts, cryptos such as Tezos, Ontology, and Verge exhibited some bearishness, at the time of writing. XTZ could shift towards the selling side if the price moves below the 20-SMA (light red). ONT presented the possibility of a southbound breakout, but the bulls could hold on to the bottom trendline. Finally, XVG was projected to fall towards $0.014 as the indicators flashed bearish signals.
Tezos [XTZ]
The Bollinger Bands on Tezos noted some incoming volatility in the price as the indicator was expanding. The candlesticks also traded on the upper band, signaling a potential reversal towards the lower band. Moreover, some selling pressure was registered by the On Balance Volume as the index dipped slightly on the charts. A bearish scenario could see XTZ fall towards the $2.76-resistance. In case of a further pullback, the 200-SMA (green) would act as a buffer against the price drop.
On the contrary, a bullish outcome would see XTZ trade on the upper band of the Bollinger Bands over the next few trading sessions. A break above the $3.1-resistance would present the next upside at $3.29.
Ontology [ONT]
Source: ONT/USD, TradingView
Ontology traded between an ascending parallel channel, with a breakout unseen over the last few days. A short term fall was projected by the Stochastic RSI after a bearish crossover took place in the overbought zone. Although the Awesome Oscillator registered a single point of bearishness, it noted the potential shift of momentum towards the selling side.
While most signs pointed to a southbound breakout, a surge in trading volumes and healthy buying activity would mean that the bulls can hold on to the bottom trendline. Considering the broader market rally as well, a fall was unlikely over the next few sessions.
Verge [XVG]
Source: XVG/USD, TradingView
Verge seemed to have lost out to $0.017 as the price dropped by over 5% in the last 24 hours. A drop below the half-line on the Chaikin Money Flow and a 41% fall in the 24-hour trading volumes accentuated the likelihood of a further pullback moving forward. The MACD backed the bearish prediction, as the Signal line crossed above the fast-moving MACD line.
The strong support line at $0.014 is likely to cushion losses in the event of a price fall. A move below the aforementioned support level would see XVG target the line of defense at $0.012.
