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With Bitcoin still trading below $37,000, most altcoins were on the ground as well. Since the whole market’s 24-hour trading volume fell by 12% to $105 billion in the previous 24 hours, Ethereum, Solana, and VeChain’s movement has stayed constrained inside their respective support and resistance levels.
Ethereum [ ETH ]:-
For the previous two weeks, ETH has remained confined to the $2990 (resistance) and $2228 (support) levels. Some attempts to break through the resistance were unsuccessful, and the coin momentarily fell below the support line on May 24 before rising again. Because of such regular adjustments, ETH has remained less volatile. Although capital inflows had been rather robust on the Chaikin Money Flow, they were unable to sustain the rise after May 24. The indicator was close to the neutral line at the time of writing.
The Awesome Oscillator moved upward, putting the indicator over the neutral line. Despite the fact that negative momentum has been growing in the previous 24 hours, the emergence of green bars at the time of writing showed that bullish momentum was seeping in. The movement of the Simple Moving Averages lines was positive. At the time of publication, the 50 SMA (orange) line had moved below the candlesticks, while the 100 SMA (red) line had moved close to the price indication. This might be a sign of an impending rise.
With ETH now trading at $2619, the cryptocurrency would require a significant increase to break through the barrier level. Until then, the currency will continue to trade above the previously indicated support level.
Solana [ SOL ] :-
SOL, in contrast to other currencies, has been persistently poor since the May 19 slump. The currency was selling at $31.18 at press time, down 45 percent from $51.70 since the plunge. The Relative Strength Index stayed primarily below the neutral line, indicating that selling pressure was prevalent. However, on May 31, the currency saw a trend reversal, with the RSI reading 51.2.
MACD had a similar pattern, as the indicator demonstrated a bearish crossing in the previous two days. However, at the time of writing, the red signal line had moved closer to the blue MACD indicator, which was located near the neutral zone. Despite the fact that the Bollinger Bands began to converge on May 31, there was no substantial volatility in the market. Since then, the bands have stayed parallel, with a speck of hope for another convergence in the near future.
According to the signs, there will be no imminent volatility. SOL will most likely continue to trade sideways between its $37.7 resistance and $25.7 support levels.
VeChain [ VET ] :-
VeChain’s persistent downwards march does not appear to be slowing down anytime soon. Despite the fact that the coin’s price has risen dramatically in the previous ten days. VET was trading at $0.123 at the time of publication, with a 62.12 percent gain keeping it from dropping below the critical $0.074 mark. Since May 23, the On Balance Volume indicator has shown sustained selling in the VET market, since it has been below the neutral line.
According to the Squeeze Momentum Indicator, bullish pressure appeared to be decreasing in the previous 48 hours following the ‘squeeze release’ – shown by white dots. Based on the indicator’s behaviour, a probable price decline appears to be on the horizon.
This is supported by the Parabolic SAR indicator’s position change; when the white dotted lines went above the candlesticks, a downtrend had begun at the time of writing.
While all signs pointed to a further reduction in price, based on broader market indications, this decline will not have a substantial impact on VET. VET HODLERS need not be concerned as long as the coin remains inside the $0.141 resistance and $ 0.093 support levels.