The market is sinking in the sea of red on Wednesday 10. Bears continue to bite at the bulls although consolidation levels spread throughout the market. The major cryptocurrencies like Bitcoin and Ethereum have dropped 1.61% and 1.45% on the day. Bitcoin plunged below $6,500 but found a support at $6,440. Ethereum is still maintaining the stability above $220 but attempts to reclaim $230 have failed miserably. The rest of the cryptos in the top twenty are recording declines between 1% and 4%. Bitcoin Gold (BTG) is the worst performer in this bracket having dropped 3.28% on Wednesday.
Electroneum (ETN) Price Analysis
A number of selected altcoins like Electroneum (ETN) are defying the bear trend in the market and making incredible gains. ETN/USD has surged over 8% on the day while most of the major cryptos are bottoming as seen in the market update section. Moreover, Electroneum is on the verge of another upside break from the triangle pattern on the hourly timeframe chart. This break will place ETN/USD in a roll towards the critical level at $0.03.
Electroneum (ETN) is dancing with $0.025 while technical indicators send strong bullish signals. The Relative Strength Index RSI), for instance, is heading north signaling a strong bull presence. While the Directional Movement Index (DMI) is advancing upwards to confirm the bullish trend. The price is also trading above the simple moving averages (both the and 100-day MA). On the flipside, the bullish trendline will offer support but $0.02 and $0.01 are positioned to halt declines. Generally, the easiest path of movement is to the upside.
Aeternity (AE) Price Analysis
Aeternity bulls are pumping today while they keep the bears at bay. The price is making a good headway amid falling prices in the market. There was a nice recovery from the support at $1.1 towards the close of the trading session on Tuesday. The bullish trend was unstoppable during the Asian trading hours. AE/USD corrected above the simple moving averages on the short-term 15’ chart. The bullish trend broke above the 61.8% Fib retracement level with the previous swing high of $1.32 and a swing low of $1.105.
An intraday high was formed at the swing high before the sellers began taking their positions in the European trading hours. At the time of writing AE/USD has shed its value below the 61.8% Fibo which coincided with the trendline support. However, the buyers have been alert preventing dips below the short-term support at $1.25. At the moment, AE/USD is trading at $1.258 while a bullish trend is underway towards the broken 61.8% Fibo support. The trend is still in favor of the bulls according to the technical indicators applied to the chart.
VeChain (VET) Price Analysis
VeChain is also extending gains on the day with the upside target at $0.014. The price has in the last more than one week embarked on bullish corrections within a rising channel. The support of which has been very instrumental to the buyers. Moreover, a break out of the rising wedge pattern on the hourly chart resulted in a spike in successive bullish candles. VET/USD stepped above $0.0138 before coming to a halt at $0.01390.
The declines that followed after the weeks high ($0.01390) rejected the support at $0.01360. This ignited the slide which destroyed another support area at $0.01320. However, VET/USD formed a low at $0.01310 allowing the bulls entry. At the time of press, VeChain is making bullish corrections support by the 100SMA. The immediate resistance at $0.01340 will limit recoil in addition to the 50SMA resistance at $0.01354. A couple of supply zones exists at $0.01367 and $0.01390. A break from this range will trigger move towards higher levels above $0.015. In the meantime, it is vital for the support areas at $0.0130 and $0.01260 be defended.