At the time of writing, Bitcoin was trading at $36,700, down by 5.4% over the last 24 hours. As a result, money was flowing away from the crypto-markets and alts such as Tezos, SUSHI, and VeChain were noting losses ranging from 1.8% to 10%.
Tezos [XTZ]
Source: XTZ/USD, TradingView
On the 4-hour timeframe, Tezos registered some southbound action after failing to break north of $4. With sellers back in control, XTZ would likely see losses up to $3 or even $2.4 in an extended sell-off. Interestingly, XTZ had traversed through its current channel of $3-$4 during the late-February pullback as well. Back then, a period of consolidation lasted for nearly a month after which volatility picked up post a breakout from the $4.8-resistance. In light of the bearish broader market, XTZ bulls might have a wait a bit further before enforcing such a breakout.
The Awesome Oscillator headed back towards the half-line as bearish momentum was seen over the last few sessions. On the other hand, capital inflows remained healthy as the CMF traded above the equilibrium mark.
SushiSwap [SUSHI]
Source: SUSHI/USD, TradingView
SushiSwap’s bull run from late December 2020 to March 2021 was used to outline support/resistance levels via the Fibonacci tool as that timeframe captured several pullbacks spanning from late February to the most recent one on 19 May. While the most recent crypto sell-off led to a catastrophic loss of value of 72% and was the most damaging, several Fibonacci levels held up during SUSHI’s recovery.
Pullbacks in February and April highlighted the 50% level ($12.34) and the 61.8% level ($9.7), respectively. SUSHI’s movement over the past week has remained largely within the aforementioned support levels. Reclaiming the area above the 38.2% level ($14.96) could initiate a rally moving forward. If a breakout is denied, expect SUSHI to oscillate between $9.7-$14.
A bearish crossover on the MACD showed a break in SUSHI’s upwards trajectory and the focus must be on support lines moving forward. The OBV was trending lower as selling pressure was still dominant across the market.
VeChain [VET]
Source: VET/USD, TradingView
The region between $0.144-$0.166 is an important area to retake for VeChain’s bulls. An ascending triangle breakout could trigger a 30% hike from the upper trendline to the $0.187-resistance. However, broader market cues would likely dictate VET’s breakout attempt. A drop below $0.091 would invalidate the pattern and drag VET towards the $0.0755-support. The RSI reversed direction after touching the overbought region. Stabilizing between 55-60 could allow for another breakout attempt.
On the other hand, the MACD’s fast-moving line was on the cusp of moving below the Signal line – something that would be considered a bearish development.
