Polkadot, VeChain, Solana Price Movement analysis for 20th May, 2021

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Bitcoin enthusiasts have been purchasing the dip since the price fell to a record low. This correction, on the other hand, seems to be significant and long-awaited. With BTC recovering from $32k to $40k, the market’s altcoins have also seen a quick rebound on the indexes.

Polkadot [DOT], VeChain [VET], and Solana [SOL] were among the cryptocurrencies that were holding their ground and rising.

Polkadot [DOT]

Polkadot’s price dropped from $40 to $18 as a result of the strong drop in the stock. However, this was just a brief dip, and the cryptocurrency quickly recovered to trade above $26. DOT was trading at $28.26 at the time of publication. The token was trading in a narrow range between $26.52 and $29.68, when uncertainty left the stock.

The exaggerated duration of volatility in the Bollinger Bands converged to suggest the token’s decreased travel. The Signal line fell below the candlesticks, indicating that the market was moving at a higher speed, even inside the current range. Meanwhile, purchasing momentum was increasing as the Relative Strength Index rose from 30 to 47. This said that, despite the fact that DOT had been oversold since the crash, traders saw this as an excuse to buy the dip.

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Finally, the Awesome Oscillator indicated that momentum was increasing, which might help the market maintain its value.

VeChain [VET]

Source: VETUSD on TradingView

After a long period of time, the price of VeChain began to fall. It had held on to the support at $0.14, but it had fallen as low as $0.0463. As the market began to rebound, VET’s price rose up above $0.0906, establishing soft support. At press time, the digital commodity was priced at $0.1257 and could face opposition at $0.1334.

At the time of publication, uncertainty remained minimal as the Bollinger Bands converged. This rebound drove the price higher, and the Signal line moved under the candlesticks, indicating a bullish movement. Rising purchasing pressure also aided the price’s rise.

According to the Relative Strength Index, VET had returned to above the oversold region after falling way below it. The RSI value had risen to 51 as buyers expressed interest in purchasing the asset. This was a symbol of a healthy economy, and the capital stayed in the market as well.

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Solana [SOL]

Source: SOLUSD on TradingView

The price of Solana recently checked the resistance level of $42.65, but struggled to break through it. At the time of publication, SOL was selling at $42.28 and attempting to break through its resistance. The market’s bullishness can assist the digital asset in moving beyond this stage.

The Bollinger Bands indicator indicated that uncertainty was high in the SOL market. As the price fell for the second time after challenging the resistance, a support level of $39.14 was established. As the price stabilised at this stage, the Signal line fell under the candlesticks, indicating an upward trend for the SOL token. Meanwhile, sellers have dominated the market, with the Relative Strength Index reaching 52, a little above the equilibrium range.

This bullish impetus, along with the MACD’s bullish signal, indicated that SOL would rise above $42.65.

 

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