The cryptocurrency market is facing critical levels of low trading activity. Digital assets are mostly range-bound with attempts to correct higher hitting dead ends. The status quo is positive regarding regulations. For instance, the Financial Services Agency (FSA) in Japan has today recognized the input of the self-regulatory body formed by 16 cryptocurrency exchanges.
The organization will now be involved in the regulation of the exchange companies based in Japan. Elsewhere, the Spanish regulatory authorities have now been given the mandate to force residents to reveal their cryptocurrency holdings. Amid all these, the market is at $210 billion (a slight upside correction) but still confined in a bear range.
Among the few cryptocurrencies in the green on Wednesday is VeChain. The asset has corrected higher 5.98% in the last 24 hours. Besides, the bulls have been able to maintain higher levels in the wake of an incredible surge that tested the resistance at $0.0122.
VeChain is a $641 million crypto that is currently in the 19th position according to the data on CoinMarketCap. It has in the last 24 hours recorded an exchange volume of approximately $23 million. The majority of the trading activity was on Binance exchange where VET/BTC controlled 40.73% of the volume while VET/USDT took up 17.14%.
Following the above mentioned bullish spike, VeChain has settled in a short-term triangle pattern that is currently approaching a breakout. The prevailing trend is slightly in the bulls favor but the upside is limited at $0.1180. However, a break out of the triangle resistance will zoom past the hurdle and resume the trend to $0.01220 (yesterday’s hurdle). On the flipside, if the triangle support is broken, VET/USD is inclined to break down further below the short-term support at $0.01160. An extended slide will find another support at the recent lows around $0.01087.
The past couple of weeks have seen the legacy cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) traded in a sustained sideways trend. Similarly, the other top ten coins have been showing the same sideways trading activity. On the contrary, XRP has defied the trend in the market following a nice recovery staged from the lows of $0.435 to the highs brushing shoulders with $0.47.
At the time of writing, Ripple is up 4.45% in the last 24 hours and consolidating the gains above the support at $0.455. Bullish corrections have been limited at $0.465 while XRP/USD is changing hands at $0.459. The price is facing growing resistance at $0.460, likewise the RSI is heading south but still at 45%. Moreover, the MACD is incline to the negative region but holding tight on the mean level (0.0).
Ripple is likely to continue in this sideways ways consolidation trend in the short. But in case of a reversal, the 100SMA will provide support at $0.4534. The recent support around $0.435 will also come in handy to stop declines.
The bulls have been awakened, they are taking back the control especially for the coins with smaller market capitalization in comparison to Bitcoin. Siacoin is among the coins that have been shaking the ground since the week started. Particularly, the retracement during the trading on Monday saw SC/USD spike nicely above the support at $0.006859. The price made it above the 61.8% Fib level with the last swing high of $0.0.007657 and a swing low of $0.006859.
Resistance at $0.0076 capped the gains as the buyers pushed for consolidation above the 50% Fib level. The trendline support has also been instrumental in quenching the bears moves. There was another bullish attempt that stepped above yesterday’s resistance at $0.0076 but turned bearish at the swing high. SC/USD is currently trading at $0.0075 while supported by the 100SMA at $0.0074.
The trend is turning bullish with technical signals from the RSI and the MACD being positive. A break above $0.0075 will pave the way for gains above the swing high.