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Vertcoin Insulated from Cryptocurrency Market Downturn on Mar. 22

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Vertcoin Insulated from Cryptocurrency Market Downturn on Mar. 22

Vertcoin has posted gains, insulated from a wider cryptocurrency market downturn, with bitcoin and other major altcoins down more than three percent on March 22. There are a few technical indications that the next 4-hour/daily sessions are ones to watch for a major trend reversal in vertcoin (VTC).

Vertcoin has tested the 0.000300 barrier against bitcoin (BTC), the highest in 11 days. At the time of writing, the VTC-BTC pair on the Bittrex exchange is up 13.16 percent on March 22.

Price Analysis

4-hour Price Action

The 4-hour chart below shows how the price action has broken out of the Ichimoku cloud to the upside, and on higher volume.

The first bullish indication was given on March 22, 00:00 UTC, as the 4-hour price action closed above the Ichimoku cloud, following a long downtrend from February 27.

Notice, in the move from around 0.000400 to a low of 0.00022117 over February 27 to March 18, the Ichimoku cloud was red and drifting downward. Now, the Ichimoku cloud has turned green in color and starting to fan upward; this gives a good indication that we have a trend reversal and we should look to buy vertcoin on dips.

VTC-BTC; Bittrex, 4-hour

Vertcoin Looking to Break Long-term Fibonacci Resistance

Several support zones of interest are highlighted below, namely the Ichimoku’s conversion and base line, and the long-term Fibonacci support near 0.0002400:

VTC-BTC; Bittrex, 4-hour

The weekly chart below shows how the market has bounced off the Ichimoku cloud, providing confirmation of support and a greater likelihood of a reversal of the downtrend. We also see that the market has found support near the 50 percent Fibonacci level at 0.00024416 and is now looking to break the 61.8 percent Fibonacci level at 0.00029504:

VTC-BTC; Bittrex, Weekly

Notice also that if the market remains above 0.00024648 (open of the large green candle from October 2017), then the long-term outlook will be bullish. A break below the open of a large bullish candlestick like this would change the overall structure of the chart, and point to more gains.

However, since the market has respected the support level mentioned above, we expect vertcoin to trend higher in the coming weeks/months.

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Daily Price Action

The daily chart below shows that with a daily close above 0.00029504, VTC-BTC has a strong chance of reaching the 100 percent Fibonacci level at 0.00045977. We see that the market closed above the conversion line (blue) on March 20, giving the first bullish signal; now we anticipate the market to test the resistance provided by the cloud, just below 0.00040000.

VTC-BTC; Bittrex, Daily

The Awesome Oscillator is also pointing to a beginning of bullish momentum taking hold, the indicator recently changed color from red to green and is moving higher.

Renko Chart Shows Reversal is Close

The daily Renko chart shows that a daily close above 0.00029980 on March 22 will give a strong buy signal; after five consecutive red Renkos, we will see a green one, and therefore, the beginning of an uptrend if the daily close is higher than 0.00029980. The Renkos provide a buy signal when they change color, although we have seen a few fake signals in 2018.

VTC-BTC; Bittrex, Daily

The fundamentals for the altcoin are also promising, with more volume generally translating in higher valuation. The Vertpig exchange gives users in the UK easier access to VTC, without having to buy bitcoin first. While the volume is not massive, the exchange process is swift and is sure to bring many newcomers to cryptocurrency from the UK into VTC before other altcoins. Vertbase is also planning to launch soon in the US, providing another direct on-ramp to VTC, and is currently in beta.

VTC is ranked third in terms of price gains in the past 24 hours, surpassed only by GameCredits (GAME) and EOS (EOS) according to OnChainFX.com.

 

 

Disclosure: The author owns Vertcoin, as well as other cryptoassets.

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