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Altcoin industry depicted mixed trading sessions with some coins losing their value and others securing fresh all time highs. Ethereum Classic dipped and was nearing its immediate support level, VeChain also fell by 6.2% and could go back to trading at a level it last traded in the beginning of this month. Tezos on the contrary, brought in a fresh all-time high a few hours back with chances of a pullback still remaining.
Ethereum Classic (ETC)
Ethereum Classic has dropped by 4.1 percent in the last 24 hours and is now trading at $51.77. The immediate support level for ETC was $51.46, a break of which could send prices as low as $47.13 and then as low as $43.49.
On the four-hour chart, ETC’s price was below the 20-SMA, indicating that price momentum in the market was skewed towards sellers. Key technical indicators also pointed to a downward price movement.
Red signal bars were displayed by the Awesome Oscillator. The Relative Strength Index fell as well, despite remaining in the bullish zone. The Chaikin Money Flow was also above the half-line, indicating that capital inflows continued to be positive.
If buying strength recovers, the coin’s prices can go up and could trade near the $59.53 resistance mark. The other price ceiling stood at $65.55.
VeChain declined by 6.2% over the last 24 hours and it was priced at $0.107. The nearest support line for the altcoin stood at $0.099, dipping below which VET could revisit $0.085, which the coin last traded around four days back.
The altcoin’s price has been on the rise since the beginning of this month, as buying power has returned to the market. The recent drop was caused by buyers exiting the market.
On the four-hour chart, the altcoin’s price was below the 20-SMA line, indicating that price momentum was in favour of sellers. The Relative Strength Index increased, though it remained close to the half-line.
MACD displayed a bearish crossover and red bars on its histogram. The Awesome Oscillator flashed red histograms.
On the reverse, if VET’s price rises, the overhead resistance line stood at $0.109. The additional price ceilings that the coin can encounter was at $0.122 and $0.137.
Tezos noted an uptick as it was priced at $8.87 after rallying nearly 3.7% over the last 24 hours. The coin had recently secured an all-time high and moving upwards it could retest the same. The psychological resistance region for the coin currently stands at $10.
The price action on the chart is positive. The price of XTZ was above the four-hour 20-SMA, indicating that the price momentum was in favour of buyers. The Relative Strength Index was above the overbought level.
Bollinger Bands were wide, indicating that price volatility could rise in the coming trading sessions. In contrast, the dotted lines of the Parabolic SAR were visible over the candlesticks, indicating a downtrend.
If the above hypothesis is correct, a correction would cause XTZ to trade near its support line of $7.86, and then at $6.81. The other price floors were $5.84 and $5.08, respectively.