Bitcoin was trading near the $ 57,000 mark, but falling to $ 55,000 was out of the question. In this respect, the short-term upward momentum for many altcoins in the market could be an upswing before a further decline. Tron, Basic Attention Token and VeChain have all been moving north in the past few hours and could continue to rise in the short term. However, dealers have to be prepared for another wave of sales.
On the hourly chart, TRX has broken the descending trendline that represented the Alt’s decline from $ 0.145 to $ 0.105 in the past few days. A bullish divergence was observed in the RSI (orange), with the TRX moving in the opposite direction.
That jump flipped the 23.8% expansion level to aid them. The RSI also climbed above 50, retested as a support and was close to 60 at the time of writing, showing that momentum had shifted in favor of the bulls again. The resistance levels ahead of us were $ 0.126 and $ 0.133.
Basic attention token [BAT]
BAT broke its descending channel (blue) near the $ 1 mark two weeks ago, whereupon it climbed to the top of the channel at $ 1.3. Due to recent selling pressure in the market, it later fell to $ 1.17.
The Visible area volume profile showed that the point of control was $ 1.21 and BAT was trading just above it at $ 1.24. There was negligible resistance above this range.
The point is that BAT would re-enter pricing after $ 1.35 and could see more strong gains.
The 27% renewal level for a past VET move was $ 0.103. This level has been tested in the last few hours as a support as VET saw some demand above the $ 0.1 mark and at the time of writing rebounded above the $ 0.109 level to trade at $ 0.1116.
The EMA tapes showed a bullish dynamic behind VET, with the Alt price candles above it. The Aroon ad showed Aroon was up again, indicating that another leg had been initiated up.
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