The cryptocurrency market is highly bearish on Friday 11 and VeChain price has not been spared. VEN/USD is down 13.26% on the day after plummeting from trading above $5.00. The slide was unstoppable as it breached support areas at $5.0, $4.9 and $4.6. The crypto tested $4.4 but bounced at 12.00 GMT before incurring any further losses.
At the moment, there is a bullish momentum forming above $4.6 level, besides, the Relative Strength Index (RSI) is above the 50 average mark. VeChain price is trading below the Simple Moving Averages on the 15’ timeframe chart. The gap between the 50 SMA and the 100 SMA is widening to signal that the bears are in control in the short-term. On the upside, resistance will be encountered at $4.7, however, the buyers are looking forward to $5.0. The immediate support has been formed at $4.5, but further declines will be halted at $4.4, however, the major support is at $4.2.
Ethereum ETH Price Analysis
Ethereum ETH price is also recording declines of over 9% on the day at the time of writing. Moreover, it is trading below $700, but it has formed short-term support at $680. The price dipped on Friday after opening the session above $720 only to find support above $660.
In other news related to Ethereum, a UK trading platform operated by the Financial Conduct Authority has today launched Ethereum Futures trading. ETH Futures brings up the number of traded Futures to three after Bitcoin (BTC) Futures and Ripple (XRP futures.
On the upside, Ethereum ETH will encounter resistance at $690 as it attempts to retrace the steps towards $700. The indicators like the RSI has recovered from the oversold levels (30 and below) and is now above 40. In the near-term Ethereum price could continue correcting lower, although an immediate support has been formed at the former resistance level, $680. Below this level, $660 will provide more support. However, the major support for ETH/USD has been highlighted at $640 on the charts.
Bitcoin BTC Price Analysis
The king of cryptocurrencies has also been on a downslide. Bitcoin BTC price is down 7.81% on the day besides, it is trading at $8,570 at the time of writing. Large movements of BTC/USD have been said to trigger movements in the entire volatile cryptocurrency market by experts. The current selloff has been connected to the bankrupt Mt. Gox exchange. The Mt. Gox trustee has been reported to have moved over 8000BTC in the last 24 hours. The trustee was established to sell at least 200,000BTC after the exchange went bankrupt. However, moving large amounts of assets through exchanges, and especially Bitcoin, impacts on the stability of cryptocurrencies.
Bitcoin BTC price plunged in the early hours of Friday breaking past key support areas at $9,000, 8,800 as well as $8,550. At the moment, BTC/USD is targeting $8,500 on the downside, although a short-term support has been formed at $8,525. The RSI is pointing north while the gap between the 50 SMA and 100 SMA continues to widen to signal that the sellers have the upper hand. If the support above fails to hold, $8,500 will be last resort as the price heads towards the $8,400 range.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.