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Algorand and VeChain’s latest movements north were fueled by high demand. Binance Coin has consolidated above the $530 mark, with a market area of $520-$530. VET is particularly bullish and is expected to hit $0.213 in the coming days.
ALGO flipped the $1.25-level of help in late March and retested it again when it briefly traded between $1.25 and $1.4. ALGO has touched $1.25 and climbed as much as $1.59 in the last week before retracing.
This retracement was stopped at the 50% mark, and a candlewick passed through the 61.8 percent retracement level. The Supertrend remained in a buy mode and would be flipped if the session closed below $1.395. The OBV resumed its upward trajectory, indicating that the rally was motivated by demand.
Binance Coin [BNB]
In the short term, BNB dropped to the $533 level several times, with that level serving as support. In the last 24 hours, a bullish difference between price and momentum (orange) was also observed. The indicator (RSI) made a higher low while the market made a lower low.
Following this, there was consolidation above the funding. Using the Fibonacci retracement tool, the $579-$584 region can be used as stiff resistance overhead for BNB’s correction from $638 to $521. A step beyond this stage will indicate that BNB is prepared to make another move north.
VET has been a great performer over the last two weeks, and it might still have space to develop. The EMA ribbons were just below the price, while the MACD was also rising in tandem with the price. The gap between the MACD and the signal line may indicate an overbought sector, with a drop to $0.175 possible.
The A/D line was also on an upward trajectory, indicating high demand behind VET.