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VeChain price analysis: VET breaks above $0.111, set to retest the $0.122 resistance

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  • VeChain price analysis is bullish today.
  • The next resistance for VET/USD is present at $0.122.
  • Support is found at $0.110.

The VET/USD price function is strongly bullish as per VeChain price analysis. The price break-up was upwards at the start of today’s session, and the VET/USD pair price covered a range of $0.109 to $0.114. The bullish momentum is quite strong as the VET price moved past the resistance of $0.112 in a swift move, followed by another breach of resistance of $0.113. Now VET bulls are aiming for further highs.

Overall VET/USD pair gained a value of more than six percent during the last 24 hours and has gained a value of around 30 percent over the course of the last seven days. The trading volume is also up by 16 percent

VET/USD 1-day price chart: Bulls eyes $0.122 resistance next as a retest

The 1-day price chart for VeChain price analysis shows an increase in price has been observed, and VET covered the losses of the last two days when bears devalued the price. Bulls are trying to maintain the short-term upwards price trend line, as the price rose back to the psychological limit of $1 during the past week, after a continuous bearish downtrend for the entire last month.

VeChain price analysis: VET breaks above $0.111, set to retest the $0.122 resistance 1
VET/USD 1-day price chart. Source: TradingView

The Bollinger bands show a slight convergence due to the bearish trend of the last two days, but today’s bullish momentum might help to stop the convergence as the price is near the upper band and the mean average line is below the price level; this will help in slowing down the dropping volatility and provide a broader channel for the price function.

The relative strength index (RSI) is at 55 index in the upper half of the neutral zone. Though the indicator is neutral, it suggests an increase in the buying activity of VET assets as the RSI slope is upwards, indicating buyers’ interest and increasing bullish element in the cryptocurrency.

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The MACD oscillator indicator is bullish currently and shows increasing bullish momentum as the histogram’s bars are increasing in size every day after the bullish crossover observed on 1st October. As the price showed a good recovery today, after going through a loss for two consecutive days, the color of the histogram is still dark green.

VeChain price analysis: Recent developments and further technical indications

The 4-hour price chart for VeChain price analysis shows an increment in price up till $0.114, but selling pressure seems to be present above this level, as the bearish hindrance can be noted from the last red candlestick appearing on the 4-hours chart, suggesting exhaustion from the buying side above the current level.

VeChain price analysis: VET breaks above $0.111, set to retest the $0.122 resistance 2
VET/USD 4-hours price chart. Source: TradingView

A hopeful indication is the slight upwards curve the Bollinger bands are taking, after a sharp convergence of yesterday, which limited the volatility for the coin to a large extent. The upward breakout will provide some room for the upwards price function in the coming hours, thus helping the bulls proceed in their efforts of overcoming the selling pressure. The RSI has moved up to 61 index on the hourly charts, showing support from buyers still at hand.

The moving average (MA) is also below the price level at the $0.109 mark, supporting the bullish momentum. The short-term and mid-term MA10, MA20 and MA30, all support the bullish trend and show signs of buying VET/USD assets. The exponential moving averages EMA10, EMA20, and EMA30, also support the bullish side of the market.

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The oscillators show a propensity towards the bullish side, with two oscillators indicating buying signs and none showing a selling sign, while most of the oscillators are standing neutral and don’t support any side of the market.

VeChain price analysis: Conclusion

The VeChain price analysis suggests the VET/USD pair is facing the selling pressure above the current price level, but the market sentiment is positive towards the coin, and the bullish momentum is strong. Moreover, the short-term technical indications also support the bullish trend. It is expected that the VET/USD pair price will rise further in the coming hours, but the resistance of $0.122 seems too far and might not go through a retest. VET/USD price is expected to reach $0.116 in the coming hours.

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Greed Didn’t Hold Bitcoin Price at $60K – Market Summary

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On Wednesday (27) the market capitalization of cryptocurrencies dropped nearly $200 billion in one day, Bitcoin (BTC) dropped nearly 7% and most altcoins followed. With the exception of Shiba Inu, which sets a new price record.

According to the cryptocurrency market leverage index, the increase in investor risk appetite reflects the build-up of excessive leverage we are now seeing. Understand how this scenario can impact asset prices here in the Market Summary.

Bitcoin falling and Shiba Inu hitting a new price record.
Cryptocurrency ranking – Source: CoinGoLive.com.br

Greed and risk appetite

Bitcoin is trading with a heavy tone amid signs of excess leverage and greed in the market.

The largest cryptocurrency by market value this morning (27) fell to US$ 59,000 – R$ 331,000 in the main Brazilian brokers – which represents, so far, a drop of 6.31% on the day.

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That’s a 12.36% drop from last week’s record of $67,277, as CoinGoLive data shows.

Read too: Who will pierce the ceiling first: Bitcoin or Bolsonaro?

A pullback was overdue, and further bearish volatility could be imminent, according to analysts. “The estimated leverage ratio is about to reach the year’s maximum. It seems obvious that the market is over-exploited right now,” said Ki Young Ju, CEO of data analytics company CryptoQuant. “We will see some volatility with big sales soon.”

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The estimated leverage ratio is calculated by dividing the open interest on futures across all exchanges by the bitcoin reserves on the exchanges. Open interest refers to the number of contracts traded but not covered by an offsetting position.

The index essentially shows the degree of leverage of the average investor. While a rising index indicates increased risk appetite, a very high number reflects the accumulation of excessive leverage and hit high price indices earlier this year.

Average leverage of all brokers according to CryptoQuant

The leverage ratio currently stands at 0.19, the highest since November 2020. Even with this level of risk, it seems that investors in the cryptocurrency market were not intimidated. The Fear&Greed index shows that investors are still very optimistic about this level of risk.

The digital asset’s market capitalization has dropped to $1.11 trillion, but its dominance over altcoins still remains around 43 percent.

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Bitcoin “makes little sense as a currency,” says economist

As it is now part of the agenda of Brazilian politicians to discuss Bitcoin, this Tuesday (26) in a public hearing at the Commission for Financial Inspection and Control of the Chamber of Deputies, three speakers gathered concluded that the eventual adoption of an official digital currency in the Brazil will require the participation of the National Congress in changes to the rules that deal with the Central Bank, the financial system and the foreign exchange market.

The debate was suggested by deputy Aureo Ribeiro (Solidariedade-RJ), president of the Financial Inspection and Control Commission. However, yesterday afternoon’s work was coordinated by Deputy Hildo Rocha (MDB-MA).

Also present at the meeting was the professor at the São Paulo School of Business Administration (Eaesp) of the Getúlio Vargas Foundation Eduardo Diniz, who praised the Central Bank’s caution in predicting the eventual adoption of the Real Digital in two or three years’ time. “It could be sooner or later, it is necessary to see how this possibility will evolve in the world.”

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“It makes little sense [ter bitcoin] as currency,” said Eduardo Diniz, a professor at EAESP when talking about the adoption of bitcoin in El Salvador. In his view, it makes little sense as states would not be willing to give up national currencies.

Diniz is in favor of the public sector’s monopoly over currency and payment platforms so that the state can guarantee free competition. He comments, at a hearing in the Chamber of Deputies, the possible problems in leaving the payment system in the hands of private companies:

“On the other hand, these technological platforms have a very high risk of concentration… it is a situation in which the State has to regain control of these situations to avoid future problems” – said the professor

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Shiba Inu hit a new price record

Like the BTC, most alternative currencies have also gone down badly this morning. Ethereum (ETH), for example, dropped to less than $4,016 after nearly hitting a record price hours ago.

Read too: First Ethereum 2.0 Upgrade Happens Today, See What Changes

However, there are some obvious exceptions. Shiba Inu (SHIB) rose more than 20% in one day. Furthermore, SHIB gains were well above 30% just a few hours ago – before the market-wide drop. Consequently, the meme token reached a new all-time high and trades at $0.000054.

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Another exception is Project Aave (AAVE), which grew 10.4% on a 24-hour scale and is currently above $371.

The result of the main altcoins in the last 24 hours is as follows: Ethereum (-5.19%), Binance Coin (-7.42%), Cardano (-10.23%), Solana (-10.25%), Ripple (-9.46%), Polkadot (-5.42%), Dogecoin (-13.24%), Shiba Inu (+24.62%), Earth (-9.16%), Avalanche (-13 .26%) and Chainlink (-8.34%).

The cumulative market capitalization of all cryptocurrencies dropped to $2.57 trillion.

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Follow the crypto market news on the Cointimes Telegram group, access.

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MATIC Price Approaching $2 Level! New ATH is Imminent This Week?

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After slashing past severe opposition, Polygon’s native token, MATIC, appears to be catching up with the rest of the market. Technical indications and on-chain data now indicate that prices may be on their way to a new all-time high.

Polygon has broken through key resistance and now appears to be on the verge of setting new all-time highs.

MATIC Price has gained more than 22% in market value in the last four days, indicating bullish momentum. Prices have risen from a low of $1.52 on October 23 to a high of $1.86 recently. The altcoin is currently trading around $1.8370 up 10.33 percent against the US dollar in the last 24 hours. The year-to-date return-on-investment for $MATIC is an astounding +10337 percent.

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Why MATIC Price can Hit New ATH soon?

This technical pattern indicates a 150 percent increase, which may be confirmed by measuring the distance between the original swing peak and the low one, then multiplying by $1.73 (breakout point) to arrive at a $4.32 goal.

Though Polygon’s strategy sounds simple, the alt will face two significant roadblocks at $2.04 and $2.22 before retesting the ATH at $2.70. If MATIC overcomes these obstacles, the crypto will rise to $4.32.

As Polygon approaches the $2 mark, Traders may try to break their long positions. The potential increase in selling pressure could slow down the uptrend, preventing MATIC from slicing through this barrier and achieving its upside potential.

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 As per the above IOMAP chart, Bulls holds the upper hand. The only considerable interest area sits at the $2 mark, where 1,280 addresses have purchased more than 35.5 million MATIC. the major support level underneath Polygon sits at $1.75.

Strong Fundamentals add to the bullish bias

The MATIC ecosystem has seen an increase in daily addresses over the last three months, indicating that the major rise is on the way. The increase in active wallets’ 7-day MA suggests that additional capital and investors are entering the market, which supports the optimistic narrative.

According to data from blockchain analytics firm IntoTheBlock (ITB), over 92 percent of all $MATIC addresses are currently profitable:

Polygon has a single resistance, according to the GIOM model, which might impede upsurges at $1.87. Around 17.54 thousand crypto addresses purchased 135 million tokens at this point. A significant close over $1.87 will therefore draw sidelined investors, easing selling pressure. MATIC would be able to extend its surges without difficulty as a result of this. The alt will then soar to an all-time high of $2.7 or higher.

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Polygon PoS Just crossed 1 BILLION transactions processed

October has been nothing but great for Polygon and MATIC holders, starting off with MATIC pumping by more than 30% so far, and today as per the Reddit discussion MATIC crossed 1 Billion transactions processed on the Polygon PoS chain.

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Tether trials Notabene’s new travel rule technology to combat financial crimes

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Tether Operations Limited, the firm operating Tether (USDT), announced on Tuesday that it will use Notabene, an end-to-end solution for cryptocurrency Travel Rule compliance.

Tether will begin testing Notabene’s cross-border transaction monitoring system for virtual asset service providers (VASP) to combat financial crimes such as money laundering.

Notabene is a new technology for monitoring cryptocurrency transactions in real-time, making the blockchain more transparent and allowing regulators to keep better track of cash flow.

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The Know Your Customer infrastructure stack at the firm is built to span jurisdictions with little or no regulation of financial services.

Notabene claims to offer a low-risk environment to test sophisticated crypto use cases. Tether will use Notabene’s technology to determine whether it can securely transmit identifying data for clients in other VASPs. In particular, as it pertains to transactions conducted by VASPs, Notabene’s solution will help Tether protect its consumers. 

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The Financial Action Task Force, a worldwide group that sets Anti-Money Laundering standards, has determined that VASPs should adhere to the same rules as regulated financial institutions. The “Travel Rule” advises VASPs to exchange specific client information between counterparties for transactions worth more than a certain amount.

These procedures are meant to assist nations and service providers in preventing money laundering, terrorist financing and complying with sanctions laws. Commenting on the new development, Tether chief compliance officer Leonardo Real stressed the importance of working with other VASPs, stating:

“As pioneers of blockchain technology and leaders in transparency, we are dedicated to not only keeping up with new rules but helping shape them. Because the Travel Rule traditionally applies to financial institutions, we see this as an opportune moment to foster cooperation across traditional and digital channels in order to create better services for customers globally. We are proud to lead the charge.”

According to a recent report from Cointelegraph, the United States Securities and Exchange Commission will be in charge of U.S. stablecoin regulation and enforcement. In 2021, the stablecoin market has seen tremendous development, and Tether’s market capitalization has soared this year, increasing by 229% since the start of the year to $69.6 billion.

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