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Bitcoin was trading near the $57k mark, but a decline down to $55k was not ruled out. As a result, much of the market’s altcoins’ short-term bullish momentum could be a rebound before another slide. Tron, Basic Attention Token, and VeChain have all seen recent northbound movements and could begin to climb in the short term. However, merchants must brace themselves for another round of sale.
TRX broke through the falling trendline that reflected the alt’s recent pullback from $0.145 to $0.105 on the hourly scale. The RSI (orange) showed a bullish divergence, causing TRX to change course.
The 23.8 percent extension degree was flipped to help as a result of this bounce. The RSI also rose above 50, retested it as help, and was close to 60 at the time of publishing, indicating that momentum had turned back in favour of the bulls. The next resistance peaks were $0.126 and $0.133.
Basic Attention Token [BAT]
BAT burst out of its descending channel (blue) two weeks ago near the $1 level, then rose to the channel’s top at $1.3. It later fell to $1.17 as a result of recent market selling pressure.
According to the Visible Range Volume Profile, the Point of Control was at $1.21, and BAT was trading only above it at $1.24. There was no resistance above this stage.
The argument is that if BAT moves over $1.35, it would join market exploration and may see more good gains.
The 27 percent extension level for a VET transfer in the past was $0.103. This level has been checked as support in recent hours as VET has seen some demand above the $0.1 mark and has risen above the $0.109-level to trade at $0.1116, as of the time of writing.
The EMA ribbons behind VET revealed bullish strength, with the alt’s price candles finding above the same. The Aroon indicator indicated that Aroon up was back on top, meaning that another leg upwards had begun.