Cardano, Monero, VeChain Price Analysis: 12 March
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.
Meanwhile, Bitcoin was trading at $55,669 with a 24-hour trading volume of over $58 billion.
Cardano [ADA]
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]
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]
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.
