As the crypto world winds down from a bustling month of growth, it's settling into a familiar rhythm in the week straddling Christmas and New Year's Day. It's like the market itself is taking a deep breath: data from CoinGecko shows that big names such as Bitcoin and Ethereum often cruise in a low-key mode during early holiday seasons, as seen in 2021 and 2022. This year, too, we're seeing a similar vibe with the global crypto market cap nudging down just a bit from $1.764 trillion to $1.751 trillion recently. But don't let this lull fool you – there's a buzz of anticipation under the surface, with traders eagerly eyeing their next move.
Amidst this gentle ebb and flow, altcoins like VeChain (VET) and Hedera (HBAR) are crafting their own stories: VET has seen a slight uptick of 1%, while HBAR's dip is almost mirroring that. Both, however, have ridden a wave of over 100% growth since last December – not a small feat! Stirring up the scene, Santiment's data reveals a surge of hope among crypto fans, with calls to "buy the dip" resounding through online platforms. All this buzz points to a crypto scene that's ready to jump into action. Now, enter ScapesMania: it's the fresh face aiming to shake up the gaming scene with a mix of creative gameplay and player-driven leadership that just might hit the jackpot in the crypto game. With its alluring presale discounts and bonuses, it's got the charm to turn heads. As we watch the market's steady beat, it's hard not to wonder: which players will be at the forefront of the next crypto surge?
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VeChain (VET): Smart Moves Lead to a 70% Jump Since November
VeChain is currently riding a high wave in the crypto sea, boasting an impressive over 70% jump since November's end. VET's surge in the crypto market isn't mere luck; it's fueled by smart collaborations and a series of tactical decisions that have put it firmly on the radar as a leading altcoin. The buzz is all about VeChain's (VET) bold roadmap for the next couple of years, brimming with innovative plans like a new carbon footprint explorer and an Ethereum token bridge – these steps, along with their focus on revolutionizing supply chain management with smart contracts, have significantly boosted VET's market appeal. VeChain's (VET) got another ace up its sleeve with the fresh Node Rewards system update, launching a node transaction marketplace that really shows they're all about growing their community and keeping users hooked.
VeChain (VET) Technical Analysis
Diving into the technicals, VET is currently dancing between its first support level at $0.03270569 and the first resistance at $0.03906352.
Source: TradingView
The technical indicators are humming a cautiously optimistic tune: the Relative Strength Index (RSI), cozy at 57.284, whispers of bullish momentum, and the Stochastic %K, sitting at 62.477, agrees, suggesting VeChain (VET) isn't overheating just yet. The Average Directional Index (ADX), a tad low at 19.759, hints at a softer trend strength, perhaps signaling a breather or a potential shift in direction.
The MACD level's gentle positive nudge at 0.00053195 and the Commodity Channel Index’s (CCI) positive lean at 61.965 both nod towards a sunny outlook, albeit with a hint of caution. But let's not overlook the Simple Moving Averages (SMA): the 10-day SMA at $0.03687176 slightly above the 100-day SMA at $0.03255075 adds a layer of bullish confidence.
In a bullish scenario, if VET manages to break above the $0.03906352 resistance, it might set its sights on higher peaks at $0.04370528 and even $0.05470487. This climb could get an extra push from the recent surge in its holder base, now topping 900k, and the strategic pivot to VeWorld as the main wallet.
However, if the tides turn bearish, VeChain (VET) might dip back down to retest the $0.03270569 support, with potential drops to lower grounds at $0.0217061and $0.01070651 if the wind doesn't blow in its favor. Such a downturn could be swayed by larger market currents or investor reactions to VeChain's (VET) latest updates.
Hedera (HBAR): Testnet Upgrade and Big Partners Drive Growth
Hedera (HBAR) is making significant strides in the decentralized network sphere, recently upgrading its testnet to version 0.4 – this technological leap is bolstered by their integration with WalletConnect and an extended partnership with Archax. But it doesn't stop there – HBAR's collaboration with the Aerospace Malaysia Innovation Center (AMIC) and TYMLEZ to innovate in sustainable aviation fuel reporting has pushed its growth to an impressive 47% in just a month. Hedera's (HBAR) recent moves show off its adaptability and promise for big-time business uses.
Hedera (HBAR) Technical Analysis
From a technical analysis standpoint, Hedera (HBAR) is nestled between its first support at $0.07687 and resistance at $0.09942.
Source: TradingView
The RSI sits at a neutral 50.73, hinting at a balanced market force. The Stochastic %K at 57.57 leans towards a bullish momentum, yet the ADX at 23.7 suggests a lack of strong directional trend. The CCI dipping to -26.76 could hint at upcoming consolidation. Notably, the SMAs give us more context: HBAR is hovering just above its 10-day SMA of $0.08939, but still above the 100-day SMA of $0.08337, indicating a stable short-term trend, but a need to watch for potential longer-term shifts.
Looking ahead, Hedera (HBAR) faces two potential paths. On the bullish side, a breakthrough above the immediate resistance at $0.09942 could open the door to the second important barrier at $0.10849 and potentially to the most desired ceiling at $0.13104, especially if HBAR continues to capitalize on its recent developments and market sentiment remains favorable. Conversely, a bearish turn could see Hedera (HBAR) slipping below $0.07687, potentially testing the resilience at the $0.06339 support. This downward trend could be triggered by shifts in broader market dynamics or internal factors which could even push HBAR to its lowest defense line at $0.04084.
Final Words
In the dynamic realm of cryptocurrencies, VeChain (VET) and Hedera (HBAR) stand out with their distinct trajectories. VET, with its strategic collaborations and innovative roadmap, has seen a remarkable 70% jump since November, underpinned by initiatives like the carbon footprint explorer and Ethereum token bridge. Looking at the charts, there's a vibe of cautious hope as VeChain (VET) teeters on crucial levels – signs are hinting we might see more gains ahead. HBAR, on the other hand, celebrates significant technological advancements and strategic partnerships, driving a 47% growth in just a month. Hedera (HBAR) stands at a pivotal point where it could climb higher or brace for swings, teetering between key tech levels with a mixed bag of signals hinting at its next move. VET and HBAR, each charting their own course through the crypto market's intricate landscape, highlight its fast-paced and ever-shifting nature.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
