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Most altcoins have had a good day, with Bitcoin and Ethereum gaining ground in the last 24 hours. After breaking above the critical barrier level of $3387, Ethereum gained 6.2 percent. XEM gained 4.4 percent and is aiming for the next resistance level at $0.208. Finally, VeChain gained 12.8 percent after breaking through the $0.140 price barrier, achieving a multi-month high.
At press time, Ethereum had risen by 6.2 percent in the previous 24 hours and was trading at $3792.90. This came after Ethereum broke through a major barrier level of $3387, triggering a rally. Its immediate price ceiling of $3857 is awaited. A sustained upswing would drive it to the previously indicated level, which is also a multi-month high.
Ethereum’s technicals have stayed optimistic. As purchasing pressure remained high, the Relative Strength Index stayed in the overbought zone. With rising demand for NFTs and DeFi on the Ethereum network, buying pressure for the token has also increased.
Green signal bars grew on the Awesome Oscillator. The Chaikin Money Flow also touched a monthly high as capital outflows hiked.
XEM gained 4.4 percent in 24 hours and was trading at $0.203. Its overhead resistance was $0.208, below which it could try to re-enter the $0.228 price range. For the market’s positive trend to continue, XEM must remain above its immediate support level of $0.186.
As the Relative Strength Index maintained over 60, there was an influx of purchasers. The Awesome Oscillator, too, flashed buy signals. Finally, the MACD displayed green histograms, confirming the same.
On the other hand, landing on the $0.186 support level might send the currency into a bullish rally, as it has done since August 11th. If the alt fails to maintain its position above $01.86, it will be reduced to $0.159.
VET has risen by 12.8 percent in the last 24 hours and is now trading at $0.143. It smashed over its long-standing resistance level of $0.140, setting a new multi-month high. If VET can hold above the $0.140 resistance level, it may be able to test the psychological milestone of $0.147.
The Relative Strength Index showed an increase in purchasing power as it approached the oversold zone. It was around the same level two weeks ago. Green signal bars on the Awesome Oscillator were enhanced, and the MACD flashed larger green histograms as well.
A price reversal might cause VET to fall on the $0.127 support line, failing to cross which the alt’s price could fall to the $0.115 price floor. However, a return to the aforementioned level may cause prices to rise once more.
VeChain has revealed their development in the Proof of Authority 2.0 protocol, as well as expanded collaborations and d-apps support.