VeChain could shift trajectory to a bullish trend in case of a breakout above $0.143. Ethereum was tipped to successfully breach $3,000 over the coming weeks. Finally, volatility remained low in the Bitcoin Cash market for an immediate price swing.
VeChain defended $0.098-support from a breakdown and noted upward movement over the past couple of days. Moving forward, all eyes would be on $0.143 support. EMA Ribbons moved between $0.143 and $0.118 and the expanded nature of these bands suggested that a bearish trend was still in play. A successful breakout above these moving averages could highlight a potential shift to a favorable trend.
A bullish twin peak setup on Awesome Oscillator suggested that momentum was building up on the buyers’ side. If sellers deny a breakout attempt, VET would likely trade within its current channel.
As Ethereum prepared for its next major upswing, the focus would mostly be around $3,000-resistance- an area that has not been reclaimed since the recent crypto sell-off. With buying pressure on the rise according to Squeeze Momentum Indicator, the expectation was for a successful breakout over the coming weeks. However, volatility was low for a sudden price hike.
Once ETH rises above its upper ceiling, some additional form of resistance can be expected between $3,200 and $3,600. If a breakout is denied after a retest of $2,900, ETH would likely move sideways. Meanwhile, MACD line floated above the Signal line as the bulls were making progress with regard to ETH’s recovery.
Bitcoin Cash [BCH]
The 4-hour timeframe was used to better capture Bitcoin Cash’s sideways movement over the past few days. During this period, BCH’s movement was largely confined between $620 and $800. Market volatility was low according to the constricted nature of Bollinger Bands and consolidation was likely over the coming sessions. In case of a breakout, focus would be on targets mentioned in an earlier analysis.
An ADX reading of 16 also highlighted a weak trend in the market and large price swings were unlikely in such a situation.