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Price Prediction

VeChain Price Prediction: The Plot Thickens for VET

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VeChain Price Prediction: The Plot Thickens for VET

The VeChain Prize joined the sell-out party today after the FBI managed to pull most of the funds from the Colonial Pipeline hack. Vocational training fell more than $ 0.1100, which is about 25% off last week’s high.

What happened: Cryptocurrencies have been hailed as the best media for cyber criminals. This view is largely correct as authorities have been unable to track most of the funds stolen using cryptocurrencies.

Today VeChain and other cryptocurrencies are falling after the FBI managed to retrieve most of the coins given to hackers in the Colonial Pipeline. The decline in the price of Bitcoin has sparked contagion in other cryptocurrency markets. In fact, according to CoinMarketCap, 49 of the top 50 cryptocurrencies have withdrawn in the past 24 hours. The only one that won is Theta Fuel. What will happen to the VeChain prices now?

VeChain price forecast

In a note I made yesterday I said that there are two possible scenarios for VeChain pricing. The first was where the coin jumped and tested the top of the channel on the 4 hour chart. The other scenario was with the coin falling under the bottom of the channel.

The second view turned out to be correct as the coin sank below the bottom of the channel. A head and shoulders pattern has also formed, moving below the 23.6% Fibonacci retracement level. Hence, the coin is likely to continue falling in the short term as the bears target $ 0.06830, the lowest level in May.

VET price chart

VeChain award

Forex and CFDs are high risk and can expose you to significant losses. Any opinions, news, research, analysis, prices or other information provided by InvestingCube are provided as general market commentary and do not constitute investment advice.

Price Prediction

Is MATIC Finally Close To The Bottom?

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Polkadot, MATIC, Uniswap price analysis

A terrible start to the month resulted in Polygon price dropping 38%. But now could be the right time to think about buying MATIC.

Polygon was last traded at $ 1.2350, $ -0.0179 (-1.37%).

It’s fair to say that MATIC has had a tough few weeks. However, if we add some perspective, the Polygon Prize had a fantastic 2021.

Polygon started the year at $ 0.0169. By May 19, it had gained over 15,000% to $ 2.8988. Of course, the entire market was valued lower last month and MATIC lost -57% from the high.

Still, a 6500% ROI is still overwhelming.

Obviously, not everyone has held since the beginning of the year, and the recent decline has left many newly minted longs underwater. This likely contributed to the magnitude of the recent sell-off.

Undoubtedly, Polygon’s price momentum is negative. However, there may be some signs that we are approaching an intermediate low.

MATIC technical outlook

The daily chart doesn’t paint a pretty picture. The price fell below the 50-day moving average (and closed) for the first time since the bull run in early May.

Second, the brutal slump between May 19 and 23 was extremely loud. So it is logical to assume that the 4 day decline forced many long positions out of their positions.

But the volume was also high during the recovery rally that followed from May 23rd to 26th. This suggests that once long positions exited, MATIC would blast back up.

Hence, I would have expected liquidation when the price fell below 200 DMA at $ 1.3165. That never came. Perhaps the length is now in the stronger hands of long-term investors.

Below the market, a rising trendline from late April offers support at $ 1.0700. This is an important level. As long as the polygon price does not fall below this threshold, it could still recover.

The stochastic RSI is on the floor. This shows how bad the price action was.

Now for the positive.

With technology as bad as it is. It wouldn’t take much to turn up and trigger some bullish signals. the first would be a closing price above the 50 DMA.

If the price can rebound from the average today, we can look at yesterday’s dip under a false breakout. This could encourage some upward momentum.

Over $ 1.5000, we could be talking about $ 2.00 again. However, the market has to do some of the work. That said, for this to happen we need to see some strength return to the cryptocurrency space.

The asset class has been pretty unloved lately. Stocks are flying, and much of the retail stake has moved to meme stocks.

However, if crypto gets popular again (hopefully soon), MATIC could be a big high-flyer.

Polygon price daily chart

Polygon price

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Price Prediction

Ethereum price finds footing along the 50-day EMA

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Ethereum price finds footing along the 50-day EMA

Ethereum is on a consolidation pattern according to US inflation data. According to the US Department of Labor, the CPI rose 5.0% yoy from a forecast 4.7%. This is the highest level since August 2008. Excluding food and energy components, the core CPI of 3.8% is above the forecast 3.4% and 3.0% of the previous month. It is the highest level since January 1992.

As far as the initial jobless claims are concerned, the 376,000 submitted represent a decrease compared to the 405,000 and the expected 370,000 of the previous week. The inflation worries in particular are still noticeable. However, as seen with Ethereum price movements and other markets, fears appear to have subsided. This is based on the Fed’s insistence that inflationary pressures are temporary and will allow it to exceed its 2% target for a while.

ETH price forecast

Ethereum is down 2.769% to 2,538.42. It is trading sideways after hitting a weekly low of 2,309.17 on Tuesday. On a two-hour chart, it is trading along the 25-day EMA and a little below the 50-day EMA. I expect the crypto will continue to trade within a tight range in the near future. The boundaries of the horizontal channel will likely be at the intraday high of 2,631.63 and the previous session’s low of 2,453.51. Exceeding these levels will invalidate this thesis.

Ethereum price chart

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Price Prediction

Ripple Price At Major Support, Make or Break Here

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Ripple Price At Major Support

Ripple price fell from above 1.50 where it made three higher lows – a sign of a reversal pattern. Whenever the technical picture shows three higher lows, it suggests a triangle as a reversal pattern that has just ended.

The problem for Ripple bulls is that such triangles form at the end of complex corrections. Hence, this means that prior to the first try, the movement was corrective, rather than impulsive, at the 2.0 level, according to the rules of Elliott Wave Theory.

Now that the market has reversed, it has found support at 0.80, a level that previously acted as resistance. A break below the support should cause more trouble for Ripple bulls as it suggests further weakness below the 0.5 mark.

What is interesting is that Ripple price has not been strong enough to rebound along with Bitcoin’s recent surge in recent days. Should Bitcoin’s weakness return, Ripple appears poised to break the support.

Technical analysis of Ripple price

Bulls may want to see a daily close above par before attempting to go long on Ripple price. If so, the disability level is 0.70 while the take profit is 1.5. On the other hand, a close below 0.7 should trigger further weaknesses – traders should consider 0.25 with a stop at 1.0. aim

Ripple price forecast

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