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Analysis

Polkadot, Cosmos, VeChain Price Analysis: 18 January

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Source: Pixabay

Polkadot’s bull run might come to an end, and a move above resistance at $18 could depend on a broader market rally. ATOM was also at its tipping point, and a pullback towards $8.12 support seemed likely. VET rose along with the broader market and eyed the upper ceiling at $0.031

Polkadot [DOT]

Source: DOT/USD, TradingView

Polkadot usurped XRP as the fourth-largest cryptocurrency after the former coin’s market cap rose to $15.8 billion at the time of writing, which was $3 billion more than XRP’s total value. In fact, DOT has seen a meteoric rise of above 117% over the past week and has led the charts as the biggest weekly gainer among the top 10 coins by market cap. However, DOT’s moment in the sun could come to an end as the indicators pointed towards a correction in price in the near future.

The Relative Strength Index indicated a bearish pullback as the index fell lower after trading in the overbought territory.

The Awesome Oscillator agreed with the RSI and showed that momentum shifted towards the bearish side. Support at $15 could offer relief to prices if they move southbound.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

ATOM was also moving northbound after a bullish rally drove its price towards new highs. A minor correction saw the price retest support at $8.12, but the bulls regained control and drove prices towards $9.3 resistance. However, bulls could struggle to hold prices at their current resistance, and a shift of momentum towards the sellers could see prices fall towards $8.12 support once again.

The MACD’s histogram showed that prices could fall if the red bars rose below the equilibrium mark. On the other hand, a bullish crossover between the fast-moving line and the signal line could indicate fresher record levels for ATOM.

The Chaikin Money Flow pointed lower towards the equilibrium mark and a fall below the half-line could have a negative effect on the price.

VeChain [VET]

Source: VET/USD, TradingView

VeChain rose above $0.028 resistance after gains in BTC and ETH boosted the broader market. Further gains in the market leaders could push VET towards $0.03. Similarly, a broader market pullback could see prices challenge support at $0.026.

The Stochastic RSI was in the neutral zone but pointed upwards, backing a northbound move on the charts.

The Parabolic SAR’s dotted markers were below the candlesticks and indicated that price was in an uptrend.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.