Ethereum Classic, Tron, VeChain Price Movement Analysis for 16th February 2021

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Tron was in danger of falling below its 50-SMA, with its indicators flashing red signals on the price charts. Ethereum Classic was expected to travel inside its fixed channel until an upward breakout of the charts. Further down the crypto-ladder, VET pushed through a horizontal channel, but the breakout did not seem inevitable in the short term.

Tron [TRX]

The Bollinger Bands on Tron’s charts have shown that the era of high volatility is likely to continue after Tron rose north of the $0.035 level. Despite the recent price power, TRX’s bulls could be in danger of losing out to the 50-SMA (blue), which could lead to further sales. The Amazing Oscillator moved below zero as the momentum changed towards the bearish side.

A fall below the 50-SMA could lead to a short-to-medium-term downtrend. Conversely, the pick-up in trading volumes and purchasing activity could see TRX rise above the $0.05-resistance.

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Ethereum Classic [ETC]

Source: ETC/USD, TradingView

Some caution has been noted in the Ethereum Classic market over the last few days as the price of the crypto has stabilised between its immediate support and resistance levels. The RSI was pointing slightly south about the 50-mark, while the OBV was moving flat on the maps.

The rangebound action of the ETC will possibly continue in the next few sessions, as the bulls are expected to negate the pressure of the press, given the recent uptrend. The peak in 24-hour trading volumes could also see the ETC break above its overhead resistance level.

VeChain [VET]

Source: VET/USD, TradingView

The creation of a horizontal channel on VeChain’s 4-hour chart showed almost equal buying and selling pressure after the price snapped at $0.06 ATH. However, there was some bearishness in the indicators at the time of publishing. The MACD line proceeded to shift below the signal line, while the Stochastic RSI viewed the oversold region.

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Despite flashing red signals, the bulls have been able to hang on to the lower trend, given the bullish rally over the last 30 days. If the price is in breach of the lower trend line, the sell-off could see VET travel south to the $0.037 support stage.

 

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