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ICON, Digibyte, Monero Price: Altcoins to tumble after exhaustion of buyers

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Icon, Digibyte, and Monero price: Altcoins to tumble after exhaustion of buyers
Source: Unsplash

The 80-day relative performances of privacy coin Monero, Icon, and Digitbyte showed that ICON aka ICX dominated with a 99% relative surge, while both XMR and DGB were down 11% and 14%, respectively.

Source: TradingView

Monero

Source: XMRUSD on TradingView

Monero, a widely known privacy coin has always been in the news, either for it being mined via malware or for regulation-related problems. In fact, a recent report by Guardicore had revealed that a long-running attack campaign aimed at infecting Windows machines was running MS-SQL servers to mine Monero, among other cryptos.

Monero was once one of the top-ranked cryptocurrencies on CoinMarketCap. However, at press time, XMR was ranked 12th with a market cap of $892 million, while recording a 5.75% price surge over the last 24 hours.

As seen in the chart above, the coin was noting a rising wedge pattern with an equally rising OBV indicator, indicating an influx of rising capital in the market. Due to a looming death cross, the price seemed bearish with the target set at $36.66.

Digitbyte

Source: DGBUSDT TradingView

At the time of writing, Digibyte had broken out of its ascending triangle in a bullish surge. The bullishness of the coin might soon come to an end with the price coming close to the 50-DMA  [yellow]. As the 67th largest cryptocurrency with only $56 million in market cap, there is a chance for its price to dip even lower after the breakout from the ascending triangle.

ICON

Source: ICXUSD TradingView

ICX had breached the 200 DMA [purple] successfully on 01 April after playing coy with it since 13 March. However, after a recent surge above it, the price was recorded to be at $0.2431, with the token having a market cap of $101 million and a 24-hour trading volume of $11 million. The recent surge below the 200 DMA could face a retracement [of 9%] as the Stochastic RSI had also performed a bearish cross, indicating re-entry into the oversold zone.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.