Altcoin
XRP, VeChain, NEAR Price Analysis: 12 April
Posted:
| Last updated: January 30th, 2024
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With Bitcoin failing to break above key levels in the $40-$42K region, it plummeted toward the $39,000 level. Accordingly, XRP and VeChain projected a high correlation with the king coin whilst their near-term technicals indicated a bearish inclination.
On the other hand, NEAR’s 4-hour RSI closed above the midline and hinted at increasing buying influence.
XRP
Source: TradingView, XRP/USDT
The sixth-largest crypto in terms of market cap continued its plunge toward $0.69. The altcoin saw an over 6.8% 24-hour devaluation. As a result, XRP fell towards its seven-week low on 12 April.
The digital currency invalidated its bullish tendencies after falling below its descending channel. With the 20 EMA (red) still looking south, any revival could find resistance at the $0.72-level.
At press time, XRP was trading at $0.7036. The southbound CMF depicted a selling edge while it hovered way below the zero-line. Nevertheless, the RSI saw higher troughs in the last week and revealed a bullish divergence with price.
VeChain (VET)
Source: TradingView, VET/USDT
After a week of tight phase between the $0.07-$0.08 range, VeChain (VET) saw a bearish break. It lost nearly 23.4% of its value in the last six days.
Since swooping to its one-year low in late February, VET bulls finally found the ground that helped them overturn the long-term bearish rally. As soon as it broke out of the $0.04-level, the alt saw an over 80% jump before a down-channel correction.
At press time, VET traded at $0.05946. After the recent retracement, the price fell towards the lower band of its Bollinger Bands. A likely revival would find resistance at the $0.06-level.
Near Protocol (NEAR)
Source: TradingView, NEAR/USDT
Since its lifetime milestone, NEAR lost more than 64% of its value and plunged toward its 11-week low on 24 February.
NEAR adhered to its trendline support while diving toward the $7.6-long-term floor. As a result, it bounced back to witness six-week trendline support (white, dashed). The alt saw a massive 120% growth in the last 47 days.
At press time, the NEAR was trading at $16.5. The RSI saw growth from the 38-mark support. Over the last few hours, it jumped above the equilibrium and affirmed a bullish edge Also, the AO corresponded with the increasing buying influence as it saw shorter green bars that approached the zero-line.
