Ethereum, TRON, VeChain Price Analysis: 24 July
After a period of intense volatility, the crypto-market rallied briefly followed by a period of consolidation. The broader crypto-market remained indecisive, however, and the industry’s altcoins underlined the same.
Despite noting considerable gains, Tron was trading in the red, at press time. It might go on a downtrend if the price doesn’t shoot up over the next few trading sessions. VeChain’s market capitalization went up by 6.20%, while Ethereum showed promising returns on investment.
Ethereum bounced off its $1745 support level, with the bears losing a lot of their strength since 21 July. At press time, ETH was valued at $2155, having shot up by 4.9% over the day.
The immediate resistance for ETH stood at $2252 as it recovered by 14% over the last week. For sustained returns from the asset, the altcoin must consistently test its immediate and subsequent resistance levels.
Capital inflows dipped slightly as per the Chaikin Money Flow, despite buyers retaining most of their strength. With respect to volatility, the Bollinger Bands were converging to suggest that the price might remain within a range for a while.
The bullish trend in the market could strengthen if buying pressure sees consistent movement. Finally, the Average Directional Index was a little over the 30-mark, signifying a weakening trend.
TRX was trading around $0.056 with gains of 2.4% over the last 24 hours at press time. It could very soon step into a downtrend again, as it saw an intra-day loss of 0.2%. If TRX moves up, the resistance it will meet would be $0.063. On the downside, the support level was at $0.050.
Buying pressure again dropped for TRX as the Relative Strength Index pictured some buyers exiting the market. In correspondence with the same, trading volume fell by 3.63%.
Conversely, the Parabolic SAR’s dotted lines were below the candlesticks and highlighted an uptrend. The bullish signals on the Awesome Oscillator validated the SAR’s findings.
VET’s price action consolidated between $0.064 and $0.072 after it rallied on 21 July. At press time, the alt was trading near $0.072. If the bulls push the price slightly up, the coin would test the resistance level of $0.080. VET gained by 6.7% over the last 24 hours, with the hike in price pushing its market capitalization by 6.20%.
Volatility could increase as the Squeeze Momentum Indicator flashed a squeeze release that hinted at chances of market volatility. With mostly undecided price movement coupled with bearish trade days, the Awesome Oscillator pictured mixed signals.
Buyers exerted pressure on the market as the altcoin’s price rose. The same was confirmed by the Relative Strength Index.