The bear market is still in play as the prices of Ether, VeChain and IOTA all trade in the red as we head into the weekend
The bearish cycle in the cryptocurrency market continued this week, with Bitcoin still struggling near the $ 30,000 mark and Ether falling below the $ 2,000 mark. Ether, VeChain and IOTA are all trading in the red when we go into the weekend.
The cycle will most likely continue in the coming days and cryptocurrencies could suffer further losses. However, a market rally could cause them to perform better and recoup some of the losses suffered this week.
ETH price outlook
Ether remains the second largest cryptocurrency by market capitalization, but its price has underperformed over the past few weeks. The ETH / USD 4-hour chart shows that ether is currently struggling and its price could fall in the coming days.
ETH / USD 4-hour chart. Source: Coinalyze
If the current downtrend continues, the ETH / USD pair could fall below the first major support level at $ 1,852. Unless there is an extensive market sell-off, ETH should be able to stay away from under $ 1,800.
However, a market rally could result in Ether breaking the first major resistance level at USD 2,012.
Outlook on vocational training prices
The VET / USD pair is currently down nearly 4% in the past 24 hours. The 4-hour chart and other technical indicators show VeChain is in bearish territory. The price of VET could drop below the $ 0.060 support level in the coming days if the bear run continues.
VET / USD 4 hour chart. Source: Coinalyze
Barring a prolonged sell-off and general loss in the broader market, the VET / USD pair should be able to comfortably defend the 0.055 region over the weekend. However, to change things, VET would need the help of the wider market. A rally this weekend could cause the cryptocurrency to try again to hit the $ 0.073 level.
IOTA price outlook
IOTA is the biggest loser among the three, with a drop in value of over 5% in the past 24 hours. The 4-hour chart indicates that a bearish trend is in play and the price could go down in the coming hours.
IOTA / USD 4 hour chart. Source: Coinalyze
If the downtrend continues, IOTA risks losing the USD 0.60 support in the coming hours or days. A prolonged sell-off could result in IOTA struggling to maintain its position around the $ 0.50 mark. However, in the event of a market rally, the IOTA / USD pair could cross the first major resistance point at 0.73. Another market rally could see IOTA aiming for $ 0.80 in the next few days.
Comments are closed.