VeChain, THETA, Tron Price Analysis: 23 May

VeChain’s technicals presented some additional losses for the crypto-asset moving forward. THETA needed to reclaim the area above $7.34 to enable a quick recovery. Finally, Tron could stabilize at $0.0622 support.

VeChain [VET]

VeChain was unable to bounce back from $0.096-support and suffered yet another breakdown on its 4-hour chart. There was some defense around $0.0856 but VET’s technicals did not back a bullish response. With strong capital outflows according to the Chaikin Money Flow

, VET could struggle over the coming sessions. The only optimism arose from the oversold nature of the RSI which warranted a reversal. Nevertheless, RSI would likely remain below 45 even in such a situation.

If buying volume does pickup, a rise above $0.096 can be expected. Holding on to this support could lead to a bullish outcome over the coming days.

THETA

THETA reclaimed the region above $6.46 only briefly as sellers reemerged in the market. A buy zone lay around $5.4 and a bullish response can be expected if THETA bounced back from this mark. A rise above $7.34 could and 20-SMA (red) would certainly enable a faster recovery for THETA compared to most other alts.

On the other hand, a bearish outcome would highlight support marks at $3.93 and $2.53. OBV’s choppy movement showed periods of buying pressure followed by selling pressure, but sellers would likely come on top considering bearish cues from the market leaders.

Tron [TRX]

During the initial sell-off on May 19, a single candlewick on Tron dropped as low as  $0.050- a level last seen in March. Even though TRX rose by over 20% during the rapid buy period on May 22, failing to break above $0.0926 and 20-SMA (red) resulted in another wave of selling pressure. The second wave was quite relentless, leading to a 30% retracement to TRX’s press time price of $0.064. Some sideways movement can be expected at $0.0622 support and a reversal could allow for gains till the 20-SMA. If the selling pressure is not extinguished, losses could be seen all the way towards $0.050.

An ADX reading of over 60 indicated distressing market conditions. Conversely, RSI moved in the oversold region and a jump above this zone was a possibility. This would enable TRX to thin out some of its losses.