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Steem, Verge, Bitcoin SV Price: Is the sun setting on hopes of recovery?

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The cryptocurrency market enters Q2 of 2020 with a lot of high hopes and expectations. However, volatility remains, by and large, the norm of the cryptocurrency industry.

Source: BSV/USD on Trading View

The highly controversial Bitcoin SV recorded a hike of 11.26 percent a couple of days back, but over the past day, the token scaled down from $165 to $162, registering a dip of 1.84 percent. The token maintained its 6th position in the rankings with a market cap of $3 billion and a trading volume of $1.8 billion.

Chaikin Money Flow suggested that capital going out was more than capital coming in as the Awesome Oscillator registered decreasing bullish momentum.

According to data, Bitcoin SV miners could be moving into Bitcoin’s network, following its halving.

Source: STEEM/USD on Trading View

Steem continued to move sideways in the market, but suffered a minor dip of 2.83 percent on the charts. The price fell from $0.145 to $0.138, but recovered to $0.140, at press time. The token had a disappointing trading volume of $2.49 million over the past 24-hours, and its market cap remained under the $60 million mark.

Market indicators were fairly bearish as well as the MACD line continued to mediate below the signal line. The Parabolic SAR also highlighted a bearish outlook as the dotted markers remained above the candlesticks.

Source: XVG/USD on Trading View

Finally, 81st ranked token Verge incurred a 4.09 percent drop as the valuation dropped from $0.00249 to $0.00245. Its market cap and trading volume were low, with $39 million and $614,000, respectively.

The market continued to indicate a volatile future as the Bollinger Bands diverged on the charts. The Relative Strength Index or RSI has been neutral on the charts over the past few days, but indicated a decline, at press time.

Over the past month, XVG dropped significantly on the ranking charts, dropping by as many as 20 spots since the start of March.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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