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VeChain, Bitcoin Gold, Chainlink Price: Market momentum stalls as pressure builds

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Source: Pixabay

A state of uncertainty was the norm in the cryptocurrency market, at press time, with most of the market’s crypto-assets continuing to attempt to recover some of their lost gains.

Source: LINK/USD on Trading View

Chainlink registered a growth of 7.81 percent over the past day as its valuation jumped from $2.11 to $2.28. At press time, the valuation was down to $2.24. With a market cap of $796 million, the coin remained 14th on the charts and witnessed a trading volume of $263 million over a 24-hour window.

However, market indicators remained bearish for the asset as the dotted markers of the Parabolic SAR remained above the candles. The Relative Strength Index or RSI was also on decline, suggesting an increase in selling pressure.

BTG/USD on Trading View

On the contrary, Bitcoin Gold maintained sideways consolidation over the past day, with a minor dip of 2.63 percent. Its valuation dipped from $7.19 to $7.00, with a depreciation of 2.63 percent. The market cap continued to remain under the $124 million mark, with a below-average trading volume of $18.3 million.

In spite of its consolidation, Bollinger Bands suggested that the token may witness increased volatility in the near future, with the bands diverging, at press time.

The MACD remained fairly bearish as well, as the signal line hovered over the MACD line.

BTG was in the news recently after earlier last month, reports suggested that half of Bitcoin Gold’s supply was controlled by a whale investor in the industry.

VET/USD on Trading View

Finally, VeChain registered a quick rise and fall over the past 24-hours. A hike of 12.83 percent took VET token’s price above $0.00332, but a 6.68 percent dip saw the value fall to $0.0030. VET token presented a market cap of $168 million and a decent trading volume of $103 million.

Chaikin Money Flow suggested that capital inflows slightly edged outflows at the time of writing as the Bollinger Bands indicated a reduced volatile period for the crypto-asset.

In fact, a recent report had suggested that Shanghai Gas Ltd., a wholly-owned subsidiary of Shenergy Group Company Limited, a firm that provides energy coverage for greater Shanghai Metropolitan area, entered into a partnership with VeChain to develop and introduce a blockchain-enabled energy venture.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.