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Cardano, Monero, VeChain Price Analysis: 12 March

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Source: Pixabay

Cardano slipped beneath the $1.09 level after a bearish retest of the $1.14 mark. Monero saw some selling pressure at $220, but the tussle between bears and bulls wasn’t yet decided. VeChain was strongly bullish as it climbed toward a technical target of $0.077.

Source: CoinStats

Meanwhile, Bitcoin was trading at $55,669 with a 24-hour trading volume of over $58 billion.

Cardano [ADA]

Cardano, Monero, VeChain Price Analysis: 12 March

Source: ADA/USDT on TradingView

ADA slipped beneath a short-term range it had formed over the past week. The upper and lower boundaries of this range lie at $1.18 and $1.09.

This development could see ADA retest the $1.09 level as resistance and sink further to the $1.02 level. The $1.06 level is a support level but selling pressure could overwhelm it. On the OBV, moving beneath the lows of the range could see a strong breakdown.

The MACD on the hourly chart showed bearish momentum, and the $1.06-$1.02 levels can be tested as support soon.

Monero [XMR]

Cardano, Monero, VeChain Price Analysis: 12 March

Source: XMR/USDT on TradingView

For XMR, the $215-$225 is a region of supply that has not yet been flipped to one of demand. A few days ago the price formed an ascending triangle pattern but failed to breakout past $220, and instead was driven lower to test the $200 level as support.

On the 4-hour chart, momentum had not yet changed to bearish as the RSI stayed above neutral 50. A move beneath $200 will indicate a breakdown to $180. Until confirmation of this (strong volume move beneath $200), any revisit of the $200 mark can be used as a buying opportunity.

In the same vein, a breakout past $225 and retest of the same can be used to enter a long trade with a stop-loss just at $214. The Stochastic RSI was headed toward oversold once more, adding some more strength to the idea of buying XMR in the $215-$225 region.

VeChain [VET]

Cardano, Monero, VeChain Price Analysis: 12 March

Source: VET/USDT on TradingView

VET showed strong bullish momentum over the past couple of weeks. The 20 and 50-period EMA (white and yellow respectively) were left well behind as VET ascended quickly past its previous local high at $0.06.

In late February, when Bitcoin saw a correction from $58,000 to $43,000, VET was forced to drop to its 50% retracement level at $0.038. Since then, VET has recovered strongly. The 27% Fibonacci extension level presented a target of $0.077 for the bulls.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.