The cryptocurrency market is slightly bearish on Wednesday 25 after the bullish trend this week mainly led by Bitcoin (BTC). However, there are selected cryptocurrencies that are still trading in the green. For instance, EOS, IOTA (IOT) and NEO are showing over 4% jump in price on the day. Bitcoin price, on the other hand, is correcting slightly lower despite exchanging hands above $8,400 earlier in the day.
Vertcoin (VTC) Price Analysis
Vertcoin price has exploded in fireworks surging over 65% in the last 24 hours. Before the surge the price was range-bound in a channel between the upper limit at $1.069 and a lower limit at $1.011. However, the sudden bullish momentum has defied the bear pressure in the market breaking barriers to the upside.
VTC/USD spiked in an engulfing candle during the Asian trading hours on Wednesday 25 testing the critical resistance at $1.50. The price reacted lower on failing to clear the resistance at this level. However, a support was found at the 23.6% Fib retracement level between the highs of $2.05 and the lows of $1.21 close to $1.26. Significantly, another bounce took the price above $1.70 while the resistance at $1.80 limited the gains. Vertcoin price later retested and broke the resistance at $1.80 as well as that at $2.0, although it lost steam short of $2.1.
The price is changing hands in a contracting triangle pending another breakout to the upside. The current correction appears to have been supported strongly at the 61.8% Fib level. The immediate resistance is at $1.7 while the target on the upside is at $1.8, $1.9 and $2.0 supply zones.
VeChain (VEN) Price Analysis
VeChain price is also edging higher on the day, similarly, according to CoinMarketCap; it is up over 3% in the last 24 hours. The digital asset has traded highs of $2.23 on the day, however, subtle lower corrections ensued but were supported above $2.0.
At the time of writing, it is changing hands at $2.03, while the 100 simple moving average on the 15-minutes chart is restricting movement to the upside at $2.057. The uptrend was initiated shortly after the opening of the session above yesterday’s resistance at $2.0. VEN/USD attacked $2.25 but lacked enough momentum to clear resistance giving the sellers an entry position. Currently, technical indicators are sending bearish signals in the short-term. It is likely that the $2.0 will hold until the close of the session today. But if it fails $1.95 is a much stronger support area.
aelf (ELF) Price Analysis
aelf continued with its journey of breaking barriers, similarly, it is up 7.69% in the last 24 hours. The recoil on Wednesday 25 failed to overcome the selling pressure at $0.76. ELF/USD has plunged past the short-term support at $0.70 as well as the trendline support.
The bullish trend appears to not have had a support and further lower corrections are expected to continue in the near-term. If the weak support at the 50% Fibonacci taken between the lows of $0.57 and highs at $0.758 gives in, another support observed at $0.660 will come in handy.
Moreover, the 100 simple moving average on the 15’ timeframe chart will provide additional support at $0.660. On the upside, $0.70 is the resistance level that will limit the gains in the event of a bullish reversal towards $0.76. However, in the meantime, the trend is strongly bearish as observed using technical indicators on the chart.