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Ethereum Classic, EOS, VeChain Price Analysis: 16 November

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Source: Pixabay

Ethereum was trading above $450 while Bitcoin quickly moved to $16,200, after a brief dip to $15,800. Further down the crypto-ladder, Ethereum Classic was supported by buyer interest and a strong zone of support under it as it attempted to move towards $5.2. While EOS faced an important level of resistance and could be set to gain or drop by 3% in the coming hours, VeChain was on a steady downtrend and could note losses over the coming days.

Ethereum Classic [ETC]

Ethereum Classic, EOS, VeChain Price Analysis: 16 November

Source: ETC/USDT on TradingView

ETC has traded within the $4.8 and $5.6 range since early-September, forming a rectangle pattern (yellow). The boundaries of this pattern offer opportunities to open short and long positions, with the mid-point of the range being a take-profit target.

The past few weeks have seen steadily increasing buying volume for ETC, as shown by the OBV, suggesting that a breakout from the pattern was more likely to occur towards the upside.

And yet, there was no sign yet of a breakout. Hence, a move towards $5.2 was likely on the cards for ETC. It enjoyed a level of support at $4.9 as well.

Over the past few days, ETC’s price has been making a series of lower highs so, ETC would have to close a session above $5.2 in the coming hours to set $5.6 as a target over the next week.

EOS

Ethereum Classic, EOS, VeChain Price Analysis: 16 November

Source: EOS/USDT on TradingView

The Fibonacci retracement levels for EOS’s move from $2.75 to a swing low at $2.22 showed important levels of retracement (white). Over the past few days, the price managed to bounce off the 50% retracement level at $2.47.

The RSI was neutral with a value of 52.4. The price’s ascent past or rejection at the $2.53 level would give the next short-term direction for the market.

The coin also faced resistance at $2.59. Hence, in the coming hours, the price can move back to $2.47 or onward to $2.59 based on the action it sees at the $2.53 level.

Vechain [VET]

Ethereum Classic, EOS, VeChain Price Analysis: 16 November

Source: VET/USDT on TradingView

VeChain was trading within a descending channel (white) and had levels of resistance around the $0.0113 and $0.0118 levels above it.

The MACD formed a bearish crossover and was heading below zero, indicating that bearish momentum was significant for VET in the short-term.

Hence, VET can be expected to drop to $0.0103 in the next couple of days.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.