Bitcoin was back to trading at $47k after dipping by 2.8% and altcoins such as XMR, BAT, and VET did not fare too better on their respective charts. Monero broke below its $305.62 support level and BAT eyed the $0.812 price floor. Finally, VET, despite falling by 5.1%, signaled signs of a price reversal.
Monero [XMR]
XMR/USD, TradingView
Monero declined by 6.4% over the last 24 hours and was trading fat $299.43. It fell below its support level of $305.62. Its upcoming immediate support level lay at $281.74 and $252.32. Indicators for XMR displayed bearishness owing to broader market sentiments.
The Awesome Oscillator emanated red signal bars, each of which underlined that XMR was on a downtrend. Correspondingly, the MACD saw a bearish crossover and flashed growing red histograms.
The Chaikin Money Flow fell below the half-line, into bearish territory, as it noted a dip in capital inflows.
In case of a price reversal, XMR will aim to test the $332 price ceiling for the second time in a week.
BAT
BAT/USD, TradingView
BAT has fallen by 3.1% since yesterday. The crypto was priced at $0.814 and it threatened to fall below its $0.812 support line. With more southbound movement, BAT could fall to $0.739 and even hit the $0.651 price floor. Technicals pointed to bearish trades on the four-hour chart.
The MACD observed a bearish crossover and displayed red histograms while the Relative Strength Index fell below the midline. Buying strength dipped as validated by the Relative Strength Index.
The Bollinger Bands diverged slightly and suggested that market volatility could be on the rise over the next few trading sessions.
If BAT notes a recovery in buying pressure, the price could retest the $0.895 resistance level.
VeChain [VET]
VET/USD, TradingView
VET was trading at $0.119 after declining by 5.1% over the last 24 hours. The token’s price remained sandwiched between $0.120 and $0.119 over the last 48 hours. If VET continues to hover around the said price level for a few more trading sessions, it could fall to $0.103.
The MACD witnessed short red histograms after a bearish crossover which suggested downward price action. The Relative Strength Index remained was below the half-line for the last 48 hours as buying strength struggled to recover.
Conversely, the Awesome Oscillator flashed green signal bars. This implied that VET’s prices could see a reversal. In case of a reversal, VET might attempt to test the $0.145 resistance level.
