Cardano, VeChain, BitTorrent Price Movement Analysis for 1st May, 2021

Spread the love

 238 Interactions,  2 today

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.

Cardano [ADA]

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.

RECOMMENDED READ:  Tezos records the latest ATH as price surges over $4.5.


VeChain [VET]

Source: VET/USD, TradingView

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]

Source: BTT/USD, TradingView

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.

RECOMMENDED READ:  Why Bitcoin Price remains at risk of dropping to $31K despite Elon Musk's triggered rally

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.


Leave a Reply

Contact Us