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The cryptocurrency market saw losses on Monday, as traditional stock markets plummeted sharply. This could be related to news reports that large banks were involved in money laundering transactions. Bitcoin Cash showed it might not register further losses in the near-term. VeChain flipped from bullish to bearish momentum over the weekend. Dogecoin continued to show bearishness.
Bitcoin Cash [BCH]
Though the price has stayed around $230 for the past two weeks, OBV showed that the asset was bought at a steady rate (purple).
Another thing to note is that Monday’s drop caused a price plummet that was probably not backed by a volume of selling that would indicate further major losses. While price depressed from $225 to $208, OBV registered equal lows (yellow).
So it is likely that BCH would hold above $200, based on buyers accumulating after the end of the downtrend from mid-August to early September’s drop (white) on the OBV.
VeChain appeared to have initiated an uptrend last week, as seen on the Aroon indicator. The Aroon Up (orange) stayed well above Aroon Down (blue) but that flipped over the weekend.
VET showed momentum to the downside following the most recent drop and would have to reclaim resistance at $0.0135 to show any signs of bullishness.
The next level of support for VET lies at the $0.11 region if the $0.0125 zone is lost.
VeChain announced a few days ago that it would be the sole blockchain technology provider in the China Animal Health and Food Safety Alliance after joining as one of the council members.
Dogecoin was valued at $0.0026 and trading in a zone of support. It has formed lower highs since July’s TikTok pump and looked likely to head south.
RSI showed a value of 27, indicating oversold conditions. RSI has also failed to stay above 50 value since mid-August, highlighting the bearish momentum since.
A bounce to $0.00272 can be expected from DOGE in the next few trading sessions. DOGE is likely to resume the prior downtrend and break beneath support in the coming days.