The cryptocurrency market is advancing this Sunday, and this situation also supports the price of Zilliqa, VeChain, and SushiSwap. Bitcoin has stabilized above $47000 support, but investors should have in mind that the risk of another decline is still not over.
The cryptocurrency market continues to attract institutional funds, but the lack of regulations for cryptocurrencies has evolved into a problem in India. According to some rumors, Indian authorities have now turned their attention to crypto hardware wallets by making very deliberate attempts to seize them.
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On the other side, the United States government could help cryptocurrencies to advance even more because the $1.9 trillion stimulus package is set to be approved. This is certainly positive information for traders and investors, especially after Janet Yellen’s skepticism towards Bitcoin.
“I don’t think that Bitcoin is widely used as a transaction mechanism. It is a highly speculative asset, and I think people should be aware it can be extremely volatile. I do worry about potential losses that investors can suffer,” said Janet Yellen, the US Treasury Secretary.
Zilliqa (ZIL) has found strong support above $0.10
Zilliqa is a scalable and secure platform for developers who want to build decentralized applications. Zilliqa’s price has advanced from $0.065 above $0.16 since the beginning of February, and the current price stands around $0.115.
The critical support levels are $0.10 and $0.08; $0.12, $0.14, and $0.16 represent the resistance levels. If the price jumps above $0.12, it would be a signal to buy Zilliqa (ZIL), but if the price falls below $0.10, it would be a firm “sell” signal and a trend reversal sign.
VeChain (VET) could fall again below $0.40 support as the risk remains very high
VeChain is a blockchain platform designed to monitor gigantic networks and keep businesses up to date in the supply chain sector. VeChain price is advancing this Sunday, but the risk of another decline is still not over, and technically looking, the price of this cryptocurrency could fall below the current price level.
If the price jumps above $0.045, it would be a signal to trade VeChain, and we have the open way to $0.050. On the other side, if the price falls below $0.040, it would be a firm “sell” signal, and the next target could be around the $0.035 support level.
SushiSwap (SUSHI) remains in a buy zone
SushiSwap (SUSHI) has advanced from $9.7 above $19 since the beginning of February, and the current price stands around $16.
If the price jumps above $18, it would be a signal to buy SushiSwap, and the next price target could be around $19. On the other side, if the price falls below $14, it would be a firm “sell” signal we have the open way to a $12 support level.
Summary
The cryptocurrency market is advancing this Sunday, and this situation also supports the price of Zilliqa, VeChain, and SushiSwap. Zilliqa, VeChain, and SushiSwap are in correlation with Bitcoin, and if Bitcoin enters the correction phase again, that will have a negative influence on the price of these cryptocurrencies.
