Dash, Verge, and Monero – Technical Analysis

The bull run of 2017 showed all the growth potential of privacy-oriented cryptocurrencies. Being at the center of many discussions, these coins have been in a favorable position with the majority of investors.

Dash (DASH), Verge (XVG), and Monero (XMR) were no different from the rest of the pack, and during the December and early January were all reaching their all-time highs. Currently, this ongoing bear market is witnessing what is usually called the accumulation period, so we are going to reflect on all three of these cryptocurrencies with their long-term, weekly, and the daily technical analysis against the USD on exchanges with the most trading volume, using Coinalyze trading tool…

Dash/USD

The long-term Dash/USD chart shows that, since its all-time high price of $1,570, Dash bottomed out below the 100% mark on the Fibonacci retracement, and currently holds the price of $154 per coin.

The same chart reveals that every time, since January, Dash started plummeting exactly at 23,6%, 61,8%, and 78,6% below the top value. Falling wedge pattern, which tends to announce a wave of bullish movement, lasted for two months until the relly.   The lower chart shows Dash’s movement since August. We can see that it formed a symmetrical triangle which looks like it had a downward breakout, which should be a pattern that Dash will take in the coming days.

Last seven days, Dash peaked at $182 in a single day’s overbuying process, which was followed by the obvious bearish movement since October 15th. However, the $154 support seems to be holding strong despite the obvious selling pressure.

After the sudden rally, during the last three days, the valuation of Dash gradually followed a parabolic movement and declined towards the mentioned $154 support.

Last 24 hours brought a slight loss to Dash investors, losing 2,07% of valuation. But still, we can say that Dash, like the rest of the market, is in the phase of the accumulation. And it is worth keeping a close eye on its movement.

Verge/USD

Verge(XVG) suffered the same fate during the current bear market and bottomed out just as a sub-cent coin.The first half of August brought a huge drop in the price of Verge from $0,026 to the five months low of $0,0099. The rapid decline was followed by a symmetrical triangle, which can be seen on the XVG/USD daily chart below. The mentioned triangle is reaching its peak, which can be crucial for investors in the coming days.

The chart below shows us that during the last 24 hours, XVG follows a downward swing. That movement could continue to follow the horizontal movement channel, which will be a lovely situation for swing traders as the price moves in a highly predictable way. Of course, if the price drops below $0,014 mark, we could witness a prolonged period of bear rule.

During the last 30 days, Verge lost 7,98% of its value.

Monero/USD

Monero (XMR) had an all-time high of $480 per coin. Since then, the bear market did a lot of damage to the valuation of this privacy-oriented coin. Monero formed a 10 months-long descending triangle with swing lows matching the firm $77 support line during the whole rain of the market bears(can be seen in the chart
below), but it has broken out of that pattern during the final days of September.

After the surge to a 20-days high of $120, XMR had a period of the horizontal movement until it started to form a symmetrical triangle, which broken its support today at the $106 mark.

Today, Monero travels down the slope as the clear bearish movement is swinging in a downward channel ideal for shorters. The next support test can be slightly above $104, as the price already bounced of that line once during the last week.

In the end, if you were wondering when is this bearish movement going to end, we have a possible option. In the last chart, you can see a rising, month-long support, which may yet turn out to be important for investors as a good entry point.

Luka Kapetanić is an ex-restaurant business owner turned cryptocurrency fanatic in 2016, with over 12,000 followers on investFeed. Miner, Investor, and a trader with a keen eye for the daily movement of cryptocurrencies.

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