The cryptocurrency market has been noting varying price action across the spectrum of coins in the past few weeks. Bitcoin – the world’s largest cryptocurrency continues to be stuck in a sideways movement with a trading price of $9136 and a 24-hour trading volume of $4.1 billion.
For altcoin’s like VeChain and Dogecoin, the past two days saw favorable price action. However for the second-largest cryptocurrency, Ethereum, the past 48-hours saw the coin take a slight dip in its trading price.
Ethereum’s trading price depreciated by over 2 percent since July 16. At press time, Ethereum is being traded at $233.30 and has a market cap of $26 billion. In the past 48-hours, the price of ETH fell by close to 2.7 percent and is now closer to the support at $231. However, if an uptrend were to start, the coin is likely to find resistance at the $241 mark.
The MACD indicator has just undergone a bullish crossover and maybe a sign of more positive price action for the coin. The Bollinger Bands are fairly wide and signal a slight increase of volatility for Ethereum. As Ethereum heads towards the transition to ETH 2.0 and introduces staking a recent report by ConsenSys found that close to 80% of total Ether (ETH) supply is being held by non-crypto exchange wallets and is far greater than the amount required for staking once the coin makes the transition to PoS.
Unlike in the case of Ethereum, VeChain did note a substantial gain of over 12 percent in the past 48-hours. At press time, VeChain is being traded at $0.0183 and has registered a market cap of over $1 billion. The current trading price of the coin is very close to testing the support at $0.0177 and also has a strong resistance around $0.020.
The MACD indicator has noted a bearish crossover, a sign that the price of VeChain may soon see a drop. The Stochastic indicator on the other hand continues to head towards the overbought zone.
In comparison to the other two altcoins, Dogecoin has come out to be a big winner in the past few days. The price saw a noticeable surge of over 21 percent bringing the current trading price of the popular meme coin to $0.0038. Earlier in July, the price of Dogecoin soared after a TikTok promoted users to invest in the coin in an effort to pump the price all the way to $1. The next strong resistance for Dogecoin is around $0.0038. The coin also has a support at $0.0029.
The MACD indicator for the coin has registered a bullish crossover and shows strong upward momentum for the coin. The RSI indicator echoes a similar sentiment and is now soaring towards the overbought zone.