VeChain, Bitcoin SV, Neo Market Analysis for 27th January 2021

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VeChain checked its press time support level, but the market bulls could hold up to $0.028 over the next few trading sessions. Bitcoin SV stayed below its 200-SMA as its prime step south of the help amounted to $167.7. Neo also represented the wider market perception that market bulls are targeting a step below the $21.8 support.

Bitcoin SV [BSV]

Just like the larger altcoin market, Bitcoin SV blinked red at press time as its price traded below $170, down by more than 2.3 percent in the last 24 hours. The 20-SMA and 200-SMA illuminated some of the main resistance thresholds, while also signaling the bear market pattern for BSV as the candlesticks moved below the two moving averages. In reality, the downtrend could extend over the next few sessions unless the market leaders Bitcoin and Ethereum had a bullish bounceback.

The metrics favoured the bears, but indicated a lack of momentum. The Amazing Oscillator was bearish-neutral, and the MACD histogram expressed the same sentiment. If indicators remain in place, BSV could trade near to its support level for press time over the next few sessions.

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Neo [NEO]

Source: NEO/USD, TradingView

Like BSV, NEO was still bearish at the time of publication, with the market going towards a solid support level of $21.8. Since buying activity and trading rates were poor, the bulls could fail to hang on to the level of press time support. In the other hand, if the stock continues to scale the $23.6-resistance mark, there might be a good argument for a bullish bounceback.

The On Balance Volume has fallen along with the price in the last few trading sessions and has indicated that buyer numbers are diminishing on the market.

While the Stochastic RSI was in the oversold region, the fact that it was pointing lower suggested that the market could stay subdued until a turnaround took place on the charts.

VeChain [VET]

Source: VET/USD, TradingView

VeChain’s stock has been on the uptrend since the beginning of the month and the cryptocurrency has had a favorable return of 41.6 percent over the last 30 days. However, its new market action carried on from its peers, NEO and BSV, as VET moved to negative territories and traded about $0.028 in help. Despite recent bearishness, however, the bulls could hang on to the level, barring a pullback in the wider market. The next few sessions saw price trade close to the aforementioned help.

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The Bollinger Bands have demonstrated that VET is primed for reversal when the candlesticks pass along the lower band, a region from which the price normally reverses direction.

However, the Chaikin Money Flow mirrored the vulnerability of the press time price as the index stayed below zero.


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