XRP, Cardano and VeChain Price Analysis: August 12
On the back of BTC’s dip below $46,000, altcoins noted a decline on their respective charts. ADA retreated 2.7% and headed towards $1.67 support, while VET lost substantial momentum after failing to overturn $0.116 price ceiling. XRP however, amidst news of scaling remittances between Korea and Thailand, continued to trade in gains.
XRP surged considerably as the broader crypto market recovered over the past few days. The coin registered a 10.43% gain over the last 24 hours, prices stood at $0.972. After it toppled above the dollar mark two days ago, the coin started to retrace and was about to test its support level of $0.898.
Bullish pressure halted on the Awesome Oscillator as the green bars declined in size. Green histograms declined in size on the MACD.
On the other hand, Chaikin Money Flow maintained its bullish outcome despite registering a fall in capital inflows. In case of XRP’s move to the upside, it could retest its resistance level of $1.06.
ADA’s rally peaked at $1.89 which was its highest level since 19 May. Following Bitcoin and Ethereum’s southward movement, ADA retreated 2.7% since yesterday, prices stood at $1.73. Bearish momentum had set in according to the indicators. A fall from the current price level would land ADA on a $1.67 support line.
Buying pressure declined as Awesome Oscillator registered red signal bars on the midline; MACD depicted decreased bullish signal while it approached a bearish crossover.
Bollinger Bands highlighted that the market volatility was rising as the indicator opened up widely. If the bulls somehow work their way into the market, ADA could test the $1.870 level once again.
VET struggled to topple resistance level of $0.116 however; the altcoin was seen retracing by 2.2% since yesterday. VET was priced at $0.109 and it could decline further to rest at the $0.099 support level.
A bearish crossover was noted on the MACD and red signal bars affirmed the same on the Awesome Oscillator.
Bollinger Bands showed constriction and implied that VET could move towards a range-bound movement, where the prices might range between $0.116 and $0.099 respectively.