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Cardano, EOS, Verge inch towards recovery with double-digit gains

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Cryptocurrencies continue to register some volatility, with the price of many altcoins going up and down over the past few weeks. For altcoins such as Cardano, EOS, and Verge, the price has been on an uptrend over the past two days, with the alts registering a hike of over 7 percent in trading price.

Cardano [ADA]

Source: ADA/USD, TradingView

Just recently, Charles Hoskinson, CEO of IOHK, provided an in-depth update on how the Shelley era of Cardano will be launched. This has perhaps, fueled some optimism in the community as over the past 48 hours, Cardano recorded a substantial surge of over 11 percent, pushing its trading price to $0.036, at the time of writing.

At press time, Cardano had a market cap of $956 million and a 24-hour trading volume of $$90 million. The press time trading price was observed to be testing the resistance at $0.037, with supports at $0.035 and $0.033.

After having traveled towards the overbought zone, the RSI indicator had made a reversal and was heading towards the oversold zone. The MACD indicator, on the other hand, continued to register bullish sentiment after it underwent a bullish crossover.


Source: EOS/USD, TradingView

At press time, EOS’s had registered over 7 percent in gains during the course of the last two days. At the time of writing, EOS was being traded at $2.5 and had a market cap of $2.4 billion, making it the 9th largest cryptocurrency on the charts. However, after being on an uptrend, the price of EOS had dipped over the last few hours and if the price was to continue to fall, the supports at $2.4 and $2.3 may soon need to stabilize the price of the coin. There was also a strong point of resistance at $2.6.

The Bollinger Bands for EOS pointed to relatively high volatility in the comings days as the bands were expanding. Further, the RSI indicator was headed towards the oversold zone and may trigger another fall in EOS’ price.

Verge [XVG]

Source: XVG/USD, TradingView

Verge registered high levels of volatility throughout the year and the trend seemed to be continuing. In the past two days, Verge too saw its price rise by over 7 percent. The press time trading price for Verge was $0.0026, with a market cap of just over $43 million. If the coin needs to make a comeback, it first needs to overcome the resistance at $0.0027. However, if the price were to fall, the coin may find help from a previously tested support at $0.0025.

The EMA Ribbon was above the price and was acting as a resistance for the same, at the time of writing. The Stochastic indicator had just undergone a bearish crossover and was headed towards the oversold zone.


Jude Gerald Lopez is a full time News Editor at AMBCrypto covering the US and Indian market. He is a post-graduate in English literature with around 4 years of teaching experience in Indian literature.
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