As Bitcoin (BTC) prices held together for a range, alternative currencies moved left and right. A handful of huge three-digit groups, while others, such as Zilika (ZIL), have grown 1400% since March 12.
VeChain (VET) showed another good momentum, and so far altcoin has grown by 650% from the lowest in March and a further 150% in the last 30 days. After these strong moves, it is normal to see some fatigue among buyers, but let’s dive into the charts to see what each one looks like.
VeChain overcomes a huge barrier of 18 months
The VET / USDT chart shows that the pair has broken through resistance of $ 0.008-0.0087. This resistance has been acting as resistance for over 18 months and has been tested many times.
VET has also broken through the moving averages for 100 and 200 days, which is an important indicator for the bull and bear markets. Since the price is above the moving average, we can conclude that the market operates in a bullish region.
The other interesting fact is the increase in volume since November 2019. This increase often leads to accumulation and shows increased interest in the asset.
Finally, a $ 0.008- $ 0.0087 resistance zone has already been tested seven times. This level has shown tremendous resistance over the past 18 months. After several attempts, VET managed to break through and is expected to continue its bullish trend.
It is important that the previous resistance is kept between $ 0.008 – $ 0.0087 to continue to grow. As long as this area is tied to support, the following resistance areas can soon be tested for $ 0.012 and $ 0.0145.
VET / BTC still faces considerable resistance
The VET / BTC pair face significant resistance, as shown on the daily chart.
The resistance area 0.00000100-0.00000105 was a strong tensile strength. However, once resistance is overcome, 0.00000150 is likely to continue. It is important to remember that there has been a significant 140% increase in vocational education over a short period of time, and this usually ends with a period of consolidation before continuing upward expansion.
In this case, the former 0.00000078-0.00000081 sleep resistance zone can provide a support test, which determines a certain period of range. Over a certain period in the range, the volume runs low and the price starts to become less volatile, as a result of a break below 0.00000080 sat or above 0.00000105 sat can cause a large volume to move.
Entrepreneurs should see if vocational education goes up to 0.00000080 Sat. If the level provides support, a new deal is possible since the level of shirts 0.00000105 can be retested.
After several tests, a breakthrough of the resistance region can occur, which can lead to an increase of about 0.00000150. However, the loss of 0.00000080 Sat means that the downward trend towards 0.00000060 sat will continue.
After trading in the side accumulation range for about a year, the sliding force is displayed, breaking it from that range to 435% higher. After this expansion, there is likely to be a period of consolidation, since the asset must generate fuel for a new wave of movement. As shown above, ZIL encounters a large resistance range of 0.00000290-0.00000330 particles.
However, has the beef trend stopped? No, the graph simply shows that Zlika is now in a central support area. If this support remains, we can expect greater bullish momentum as well as continue testing the upper resistance area.
The support range between 0.00000210-0.00000230 molecules is the area to be looked at, and as long as this remains true, the peak is not damaged.
However, as soon as Zilliqa falls under this important support area, a more extensive correction is expected. This is not scary, because the cryptocurrency normally returns by 40-50 percent after a strong expansion. Other cryptocurrencies also showed these basic corrections, after which further bullish expansion occurs.
In case the support area is lost, there is a potential reduction to the 0.00000120-0.00000140 Rate areas at the tables. This support area can provide a good buying opportunity while staying.