As Bitcoin’s price lingered just above the $35,000 threshold, the wider altcoin market found itself in a state of disarray. In the past twenty-four hours, alternative cryptocurrencies such as BAT and VET have recovered some of the ground they’ve lost, but bears continue to hold a strong position in each of their respective markets. Even though TRX was experiencing selling pressure, a bullish divergence on the RSI gave rise to some optimism regarding the direction in which it will move in the short term.
The cryptocurrency Tron kept its price range between $0.074 and $0.066 despite an ADX reading of 15, which indicated a lacklustre trend in the market for Tron. Due to the low level of volatility, significant price swings were highly unlikely, and it was anticipated that TRX would most likely fluctuate within the aforementioned region over the course of the upcoming sessions. Even though the RSI was trading in a neutral region at the time of publication, the uptrend that it had been on was an interesting development. The index not only displayed a bullish divergence with respect to the price, but it also indicated that more robust price action was likely to occur in the very near future.
If the cryptocurrency were to surge above the $0.074 resistance, it would head toward its next ceiling, which is located at $0.0841.
Basic Attention Token [BAT]
At the time that this article was written, Basic Attention Token appeared to defend the $0.591-support as attention shifted to the upper trendline of the downward channel that it was trading in. The RSI indicated that the market was in an oversold condition; however, it has recovered in the most recent few sessions. In addition, the MACD was getting closer and closer to a bullish crossover. Despite this, the cues were not sufficient to warrant a breakout from the pattern, particularly given that the 24-hour trading volumes were on the lower side of the spectrum.
As time goes on, you can anticipate that BAT will oscillate between its channel once it reaches a level of support that is sufficiently robust. In the event that there is an early breakout, the target can be placed slightly above the $0.715 resistance and close to the 200-day simple moving average (green).
VeChain [VET]
The movement of VeChain was also contained within the confines of a descending channel, and it did not appear likely that this pattern would be broken in the near term. The EMA Ribbons for VET showed signs of constriction, which pointed to movement in a sideways direction and an active bearish trend. In addition, the RSI was pointing downward, indicating that prices may once again trade in the oversold region over the next few days.
The value of VET’s defensive lines finished the chart at $0.091 and further down at $0.066. Both of these areas had the potential to cause a breakout, but the direction of huge price swings was most likely going to be determined by the movement of the market as a whole.