A surge of optimism has swept through the cryptocurrency market as Bitcoin (BTC) decisively breached the significant threshold of $38,000. Surpassing this level is seen as a crucial milestone which confirms strong bullishness of the leading coin. Amid that, the total market capitalization has approached the $1.40 trillion level, with the potential for further expansion upon its breach. This upswing seems to have instilled confidence among market participants, evident in the prevailing bullish tone across the entire market. Notably, Vechain (VET) and Monero (XMR) have eagerly joined the rally towards new heights, positioning themselves for substantial gains. Additionally, emerging projects like ScapesMania present enticing opportunities for investors seeking early entry.
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VeChain (VET) Price Analysis
VeChain (VET) is navigating a dynamic landscape with recent updates signaling substantial growth. A significant development for the network in November was its partnership with AWorld. This collaboration is aimed at leveraging blockchain technology for enhanced sustainability and environmental initiatives, marking VeChain's commitment to using its platform for social and ecological benefits.
Vechain (VET) has been consistently moving within the upward channel since early November. At the moment of writing, it was trading around the $0.02 level, having added nearly 14% in a month. The technical analysis of VeChain (VET) presents a cautiously optimistic outlook, with a blend of neutral and bullish signals.
The analysis of oscillators values shows that the Relative Strength Index (RSI) is at 54.79, indicating a neutral market momentum, similar to Stochastic %K at 53.07 and the Commodity Channel Index (CCI) at 28.08 also suggesting a neutral stance. Meanwhile, the Bull Bear Power at 0.00042758 indicates a potential buying opportunity.
VeChain (VET) Price Prediction
The pivot points indicate critical levels for VeChain (VET). The immediate support level is at $0.0119, followed by the next support level at $0.0141. On the resistance side, the immediate level is at $0.0247, with the key threshold at $0.0261.
In a bullish scenario, if VET maintains its position above the immediate support level and breaks past the immediate resistance, we could see a movement towards the next resistance level. The buy signals from the majority of the moving averages including the 100-day EMA at $0.0213 and 100-day SMA at $0.0216 support this optimistic view.
Conversely, in a bearish scenario, if VET breaks below the immediate support level, it could lead to a further decline towards the next support level. The sell signals from the 20-day SMA at $0.0217, along with the Hull Moving Average at $0.0216 underscore this potential downside. Neutral readings from oscillators like the Average Directional Index (14) at 21.60 suggest caution, indicating potential volatility or price correction.
Monero (XMR) Price Analysis
The technical analysis of Monero (XMR) suggests a bullish trend, with the coins showcasing a breakout from a symmetrical triangle pattern and steadily extending its gains. The focus is now on whether Monero can surpass the significant $180 mark, following its current trajectory towards this bullish target. The technical indicators are favorable, with XMR trading above key moving averages including the 20-day SMA at 165.95. It indicates a strong bullish sentiment. At the moment of writing, Monero (XMR) was trading near the pivot point around $164, showing a weekly gain of 4%.
The RSI at 51.26 is above neutrality, hinting at a positive divergence and a bullish outlook. The MACD indicator at 1.087 also shows a bullish crossover, supporting the possibility of a significant price increase. Meanwhile, the Momentum indicator is slightly negative at 2.650, suggesting a sell action, while the MACD Level at 1.147 indicates a buy similar to the Bull Bear Power that is located at 0.390.
Monero (XMR) Price Prediction
In a bullish scenario, if XMR maintains its position above the immediate support level of $160.9 and breaks past the immediate resistance at $175.5, we could see a movement towards the next resistance level at $181.6. The buy signals from the 100-day EMA at 158.9 and 100-day SMA at $154.2 support this optimistic view.
In a bearish scenario, if XMR breaks below the immediate support level of $160.9, it could lead to a further decline towards the next support at $152.3. The mixed signals from oscillators and moving averages advise caution.
On the weekly charts, XMR has been exhibiting range-bound movements but is now exiting this range. The upper neckline of $190 is a crucial level to watch, as surpassing it could lead to further gains.
Conclusion
In conclusion, the recent cryptocurrency market surge, fueled by Bitcoin's rise above $38,000, has generated optimism and a broadly bullish sentiment. Altcoins like VeChain (VET) and Monero (XMR) are actively participating in the upward momentum. While VeChain presents a cautiously optimistic outlook and Monero showcases a bullish trend, mixed signals warrant caution. Monitoring overall market trends and project developments is crucial for informed decision-making. As the landscape evolves, the trajectories of VeChain (VET) and Monero (XMR) will likely be shaped by dynamic market factors.
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.
