Markets wrap: Bitcoin, Ethereum see resistance while VeChain (VET) sets ATH

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Bitcoin, Ethereum, and other large-cap cryptocurrencies saw a mixed weekend as price action remained choppy after Friday. However, some altcoins put on big numbers for holders.

Chop for Bitcoin and Ethereum

Bitcoin saw resistance at the $59,800 mark over the weekend and failed to break through the price level. It then fell to under $55,000 on Sunday before slightly recovering in the evening hours yesterday.

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As the below image shows, Bitcoin sees resistance at the $57,000 price level at press time. It trades below its 21-period exponential moving average—a tool used by traders to determine market trend—but is neither “overbought” on “underbought” on the RSI.

Bitcoin sees resistance. Image: TradingView

Bitcoin saw favorable growth on the fundamental side. Deutsche Bank, a German banking giant, released research last week that said the asset had the ability to become a reputed global asset class. The bank, however, added that illiquidity and price volatility remained a concern.

Ethereum, the world’s most used blockchain, saw a similar story as Bitcoin on the technical side. It failed to break the $1,860 level (which is proving to be resistance) and trades below its EMA—signaling more downside action in the short term.

Ethereum failed to break $1,860. Image: TradingView.

The upcoming launch of the EIP-1559 proposal remains an overall positive and bullish signal for the asset’s growth ahead. Some corporations have even started to hoard the asset already, with Meitu, a Hong Kong-listed photo editing app, leading in this regard.

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VeChain sets all-time high

A rather-forgotten altcoin from 2017 surged over the weekend. VeChain, a Chinese wonder-project that focuses on using its blockchain to enhance supply chain systems and their management, grew 6% in the past day and over 44% in the past week.

As per data from markets tool CoinGecko, VeChain (as VET) has now set a new all-time high of $0.09. VET runs on the VeChain mainnet and was formerly known as ‘VEN’ on the Ethereum blockchain.

It is now valued at over $6.3 billion and has a current circulating supply of 64 billion. Meanwhile, the surge came on the back of continued adoption and integration of the VeChain blockchain on real-world products.

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Author: Shaurya Malwa


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