Crypto Market Paint in Red With VET, COMP, UMA Price Slide Down
The Bitcoin bull run has reached the next threshold where-in $15K can be the new lower limit for the asset as it has managed to sustain above $15 for more than 6 days in a row. However, the next level at $16K is been tested but woefully, Bitcoin is been rejected each time it visits.
Amid Bitcoin rally, the altcoin market seems to have been pulled back with most of the coins which were good gainers yesterday end up being losers for today.
VET price which had rallied to highs, a couple of days before, just got rejected several times at $0.01197 and dumped as low as $0.01024. However, it seems that the digital asset is trending within an ascending triangle, where-in breakout or breakdown is imminent.
Currently, VET price stands at $0.011556 with a dip of nearly 0.86 percent in the last 24 hours. However, it has rallied over 10 percent in tha last week which is more pivotal.
- The current resistance stands at $0.012286
- The current support stands at $0.011450
- The technical indicators point towards ‘BUY’ signal
The second which comes in our list of losers in Compound which has plunged with a huge margin more than 3 percent. At present, COMP price appears to trend within the channel from the past four days.
At the time of reporting COMP price stands at $104.56 with a drop of 3.11 percent in the price since the last working day. At present, it is important for the price to sustain within the channel to move upwards else, further break down would cause the COMP price to revisit the strong support at $81.08.
- The current resistance levels are formed at $117.5
- The current support levels are formed at $102 which is very close to the current levels.
- The technical indicators point towards the ‘Buy’ signal.
The last asset in our list is UMA token which has dumped nearly 10percent in the last 24 hours. At present, it is very close to its strong support levels which and hence it is very crucial for the UMA price to rebound.
At the time of reporting, the UMA price stands at $7.75 with a drop of 9.30 percent within 24 hours. But the token has surged nearly 20 percent in the past week which keeps the hopes high for the token to recover very soon.
- The current resistance levels are formed at $9.30
- The current support levels are formed at $6.71 which is very strong.
- The technical indicators point at ‘BUY’ signal.
Collectively, the whole crypto market appears to be bearish but it might be for the short-term. With the shift of focus, the altcoin market and the DeFi space may rebound very soon including the bitcoin price.
Sahana Vibhute Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide