Analysis
Bitcoin prepping to scale as EOS, Vechain struggle with sideways movement
Over the past week, Bitcoin has managed to breach and hold the much-anticipated $7000 level, after re-testing the resistance for the fifth time. Following the same, the collective digital asset market followed suit, with many major altcoins recording a period of growth as well.
Bitcoin [BTC]
Source: BTC/USD on TradingView
As previously mentioned, over the past 7 days, the world’s largest cryptocurrency has followed a fairly inclined trajectory. At press time, Bitcoin was valued at $7,334, with the crypto-asset recording a minor growth of 0.12 percent over the past 24-hours. Its market cap remained above $130 billion with a trading volume of $34 billion.
The formation of an ascending triangle suggested that its price may receive another boost in the near-term.
However, market indicators were relatively bearish as the Parabolic SAR’s dotted markers remained above the price candles. Further, the RSI also registered a decline, indicating an increase in the sell-pressure.
EOS
Source: EOS/USD on TradingView
8th ranked EOS shared a similar market trend, but a symmetrical triangle formation at press time suggested that its next move could go either way on the charts. With a growth of 0.26 percent recorded over the past 24-hours, EOS was trading at $2.73, at press time.
EOS had a market cap of $2.5 billion, with its trading volume indicating a higher level of activity with $3.01 billion over the last 24 hours.
The Chaikin Money Flow or CMF suggested an increase in capital in-flows across the market, with the Bollinger Bands highlighting a reduced period of volatility going forward.
VeChain [VET]
Finally, VeChain continued to consolidate in the present range as its valuation remained under the resistance of $0.00408. VET token was priced at $0.00402 with a market cap of $216 million, at press time. A hike of 0.91 percent over the past 24-hours was backed by a trading volume of $117.8 million.
However, market indicators pictured a neutral trend as the Bollinger Bands converged on the charts, conveying low volatility. Further, the Awesome Oscillator also failed to indicate any strong momentum on either the bulls or the bears’ side.
