With the general cryptocurrency market currently recovering from the recent crash, Verge (XVG), Komodo (KMD), Zilliqa (ZIL), Enjin (ENJ), and Stellar (XLM) are either oversold or at the bottom of the chart. Nonetheless, buyers have failed to emerge at the oversold region to push the coins upward. More so, the prevailing trend has no respect for coins in the oversold or overbought regions.
XVG/USD Major Trend: Bearish
Verge (XVG) is in a bear market as it fell to the low of $0.00194. The pair was earlier in a sideways trend for about four months. Earlier in January, the bulls bought at the low of $0.003244 and the cryptocurrency was in an uptrend. The bulls took the price of XVG to a high of $0.0060.
Unfortunately, the coin reached the overbought region. Subsequently, sellers emerged and the coin resumed a downward move. Initially, XVG fell to a low of $0.0035 and resumed consolidation for over a week. Sellers were unrelenting as the coin dropped again to a low $0.00194. Meanwhile, Verge is below 20% range of the daily stochastic. The cryptocurrency is oversold but buyers are yet to emerge in the oversold region.
KMD/USD Major Trend: Ranging
Komodo (KMD) has been trading in a sideways trend since August 2019. The coin has been trading below $0.9000 overhead resistance. The bulls have made two unsuccessful attempts at the overhead resistance without breaking it. Each time the bulls attempt the resistance the market will fall to the low of $0.500.
Regrettably, in the recent attempt at the resistance, KMD fell to an oversold region. Subsequently, the buyers emerged as the coin reached a high of $0.4260. The Relative Strength Index is level 42 meaning that the coin is in the downtrend zone.
ZIL/USD Major Trend: Ranging
Zilliqa (ZIL) has been in a sideways trend. The pair fluctuates between the levels of $0.0100 and $0.0060. Last year the bulls tested and broke the upper price range but the price pulled back to the range-bound zone. On March 12, the bears broke the lower price range as the coin fell to a low of $0.00308. The bulls buy from the current low as the market makes a move to the range-bound zone. ZIL is currently below level 41 of the Relative Strength Index. This indicates that the coin is in the downtrend zone.
ENJ/USD Major Trend: Bearish
Enjin Coin (ENJ) is presently in a bear market. The pair has earlier been in a sideways trend since July 2019. In January the bulls broke the upper price range and reached a high of $0.168.
The bulls made a retest at the $0.160 overheard resistance. The coin fell because it has reached the overbought region of the market. The pairs broke the range-bound zone to reach a low of $0.040. The coin has risen to level 52 of the Relative Strength Index period 14. The pair is now in the uptrend zone.
XLM/USD Major Trend: Ranging
Stellar (XLM) has been trading in a sideways trend since August 2019. XLM has been trading below $0.0900 overhead resistance over the months. The bulls have made three unsuccessful attempts to break the $0.0900 overhead resistance.
On each attempt at the overhead resistance, the market will fall to the low of either $0.050 or $0.060. In the recent attempt to break the resistance, XLM slumps to the low of $0.030. Meanwhile, XLM is currently above 20% range of the daily stochastic. Stellar is now in bullish momentum.
This article is Originally posted on CoinCentral.com
Author: Mustapha Azeez