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If Bitcoin reclaimed main levels on the way to $60k, altcoins such as Cardano, VeChain, and BitTorrent opted for a wait-and-see approach before making significant steps in their respective markets. Triangles were seen on the charts of ADA and VET, but breakouts were mainly based on BTC’s short-term movement.
BitTorrent Token was expected to shift horizontally until the next upswing down the crypto-ladder.
Despite the fact that Cardano had fallen into the red at the time of publishing, the forming of an ascending triangle on the 4-hour timeline signalling a sharp incoming upswing. On the downside, the upswing could be postponed for a few days as press time market factors indicated some bearish sentiment.
The red bars of the Awesome Oscillator drew closer to the half-line, while the RSI dipped into the neutral 50-zone. A 20% decrease in 24-hour trading volume indicated that ADA could trade sideways before breaking out. If the breakout occurs, the bulls will aim for a move beyond the $1.50 level.
For optimistic traders, VeChain’s 4-hour chart was a spectacle. Since the most recent surge in VET lifted the market to $0.27, lower highs and higher lows formed a symmetrical triangle. This trend normally results in an upside breakout, and with Bitcoin approaching $60k, the odds were stacked in favour of a positive outcome. A break through the stiff resistance level of $0.20 could help VET take off on the charts, and a break through $0.22 could see returns all the way up to $0.25.
The Squeeze Momentum Indicator has approached the half-line, and the first green bar can indicate a buy signal. As capital inflows outweighed outflows, the Chaikin Money Balance remained above equilibrium.
BitTorrent Token [BTT]
The Bollinger Bands on BitTorrent Token charts were constricted as market turnover remained minimal. BTT traded within a narrow channel of $0.0078 and $0.0065 on the 4-hour charts, but higher lows were seen over the past week, indicating that the bulls were planning for an upcoming price swing. Before this happens, the accumulation could continue for a few more days because market conditions do not yet represent a breakout.
An ADX reading of 18 indicated that there was no pattern at the press time price stage. The index continued to fall as neither side had a firm hold on the economy. Bullish goals will be found at $0.0097 and $0.0108 until the upswing occurs.