The crypto market briefly rallied after a period of intense volatility, followed by a period of consolidation. The broader crypto-market, on the other hand, remained undecided, as evidenced by the industry’s altcoins.
Tron was trading in the red at the time of publication, despite recent gains. If the price does not rise in the next few trading days, it may begin to fall. VeChain’s market capitalization increased by 6.20 percent, while Ethereum showed promising ROI.
ETHEREUM (ETH)
Cryptocurrency has flipped off its $1745 trend line, with bears having lost a great deal of ground since July 21. At the time of publication, ETH was worth $2155, up 4.9 percent from the previous day.
After recovering 14 percent in the previous week, ETH’s immediate resistance was $2252. To generate long-term returns from the asset, the altcoin must test its immediate and subsequent resistance levels on a consistent basis.
Capital inflows have dipped slightly, according to the Chaikin Money Flow, despite buyers maintaining the majority of their strength. In terms of volatility, the Bollinger Bands were converging, indicating that the price may be stuck in a range for some time.
Unless trying to buy tension remains consistent, the market’s bullish trend may be strengthened. At last, the Average Directional Index was slightly higher than 30, indicating a deterioration in the trend.
TRON (TRX)
TRX was trading at around $0.056 at the time of publication, up 2.4 percent in the previous 24 hours. It may soon revert to a downtrend, as it lost 0.2 percent intraday. If TRX rises, it will encounter resistance at $0.063. On the downside, the support level was $0.050.
The Relative Strength Index indicated that some buyers were exiting the market, so buying pressure for TRX fell once more. Trading volume fell by 3.63 percent as a result of the same.
VECHAIN (VEC)
Flipside, the dotted lines of the Parabolic SAR were below the candlesticks and indicated an uptrend. The Awesome Oscillator’s bullish signals confirmed the SAR’s findings. After rallying on July 21, VET’s price consolidated between $0.064 and $0.072.
At the time of writing, the alt was trading around $0.072. If the bulls push the price slightly higher, the coin will test the resistance level of $0.080. VET garnered 6.7 percent in the last 24 hours, expanding its market capitalization by 6.20 percent.
The Squeeze Momentum Indicator stated a squeeze release, revealing that price volatility was feasible. The Awesome Oscillator displayed mixed signals due to mostly undecided price movement combined with bearish trading days.
Buyers put a lot of pressure on the market as the price of the altcoin rose. All of this was confirmed by the Relative Strength Index.
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