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Home»TRADING NEWS»VeChain (VET) and EOS (EOS) have separate paths, but one represents a major altcoin trend.
TRADING NEWS

VeChain (VET) and EOS (EOS) have separate paths, but one represents a major altcoin trend.

By Crypto FlexsDecember 21, 20236 Mins Read
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VeChain (VET) and EOS (EOS) have separate paths, but one represents a major altcoin trend.
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In today’s cryptocurrency market, while the usual headliners, Bitcoin and Ethereum, are seeing steady gains, there is a buzz of excitement surrounding altcoins. Beyond the realm of BTC and ETH, the total market capitalization of these digital assets is at a critical point where their potential is boiling over. What’s interesting is the alignment of the stars in the cryptocurrency world. Both MACD and RSI indicators are hinting at a bullish trend on the weekly charts. And the US Dollar Index (DXY) is trending downward, which is often good news for risky assets like BTC and altcoins.

So what is happening in the altcoin world with players like VeChain (VET) and EOS (EOS) telling two different stories in this unfolding drama? VET is currently down 5%, while EOS is enjoying a 2% surge, showing the variety of luck and unpredictability inherent in the cryptocurrency market. Amid these developments, a new entrant in the spotlight, ScapesMania (MANIA), is making a splash in the pre-sale phase and attracting investors with attractive discounts and bonuses.

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VeChain (VET): December development sparks new trajectory

VeChain (VET) has had an action-packed December, full of developments that could reshape the market’s trajectory. Switching the VeChainThor mobile wallet to “storage only” mode starting in late December is a strategic play that will pave the way for VeWorld to take the lead as the default wallet for VET. There is a greater focus on streamlining the user experience within VeChain. ecosystem. The expected launch of a native dApp explorer this month demonstrates VeChain (VET)’s commitment to making blockchain more accessible and attractive, and the team’s busy work towards its Q1 2024 roadmap demonstrates a dynamic and forward-thinking organization. Draw a picture of . A particularly notable achievement is the surge in the VET holder base, which now exceeds 900,000, with a significant increase of over 57,000 new holders in early December, thanks in part to the attention of the UFC partnership.

VeChain (VET) technical analysis

On the technical side, VeChain (VET) is trading in an area between the support level of $0.03198125 and the resistance level of $0.03716969. The 10-day and 100-day simple moving averages (SMA) are both hovering around $0.0352, suggesting a steady price trend in the near future.

Source: TradingView

The Relative Strength Index (RSI) of 45.204 indicates balanced market sentiment, neither too hot nor too cold. Stochastic %K trending towards 67.296 suggests a subtle bullish undercurrent and potentially higher prices. However, the low Average Directional Index (ADX) of 16.856 and the negative Commodity Channel Index (CCI) of -70.94 are whispering that the market is ready for a change. MACD levels, combined with almost negligible, although slightly positive, momentum indicate that the market is pointing towards a cliff edge and awaiting stronger signals to define its direction.

VeChain (VET) Price Prediction

On the optimistic side, recent performance and positive buzz from the UFC partnership could push VeChain (VET) past the first resistance level and towards the $0.0398528 and $0.04504124 upper limits. A successful breach of $0.03716969 could find support from a rising stochastic %K. Conversely, a bearish reversal could cause VET to retreat to initial support levels, triggered by a negative CCI and stalled momentum. If the downtrend accelerates, VeChain (VET) could test the lower defenses at $0.02947592 and potentially $0.02428748.

EOS (EOS): Tensions build around significant resistance levels

EOS (EOS) is entering an exciting chapter of its history thanks to the vision and leadership of Yves La Rose and the EOS Network Foundation. The implementation of the EOS EVM will be a game changer, making it easier to move funds on Ethereum and fostering DeFi applications on EOS. The recent release of EOS EVM v6, which introduces trustless USDT bridging, and the strategic partnership with Spirit Blockchain Capital, especially after the recent funding round, paint a bright future for EOS (EOS). A surge in the cryptocurrency market.

EOS (EOS) technical analysis

Currently, EAO (EOS) is in a delicate balance between the first support level at $0.7453 and the first resistance level at $0.8482. The trend remains steady with the SMA hovering around $0.7904 and $0.7814 for 10 and 100 days respectively.

Source: TradingView

RSI just below 60 is a tightrope walk, suggesting that EOS is facing a bullish trend without tipping into overbought territory. The Stochastic %K is very high at 89.47, suggesting the market is heating up, but ADX’s low score of 15.4 whispers that the trend is still finding its footing. A mix of CCI at 142.28 and somewhat positive MACD paints a picture of cautious optimism.

EOS (EOS) Price Prediction

In a bullish scenario, EOS could break the $0.8482 resistance, driven by positive developments in the ecosystem such as the strategic partnership with the EOS Stable Coin Chain (ESCC) and the integration of stablecoin gas fees. This could lead to a test of the second barrier at $0.8958 or the most ambitious target of $0.9987. Conversely, a bearish turn could cause EOS (EOS) to retreat towards support levels, with a subsequent threshold of $0.69 and a critical point of $0.5871, which acts as a potential buffer.

conclusion

In the ever-changing cryptocurrency environment, VeChain (VET) and EOS (EOS) stand as interesting storytellers, each telling unique stories. VET is stirring the pot with strategic maneuvers such as wallet diversion and impressive growth. A user base that hints at a vibrant future shaped by user-centric innovation and pioneering new technologies; On the other end of the spectrum, EOS is navigating a thrilling chapter of its own, fueled by visionary leadership and promising partnerships, and on the brink of a potential breakthrough or realignment. VeChain (VET) and EOS (EOS) together encapsulate the dynamic nature of the cryptocurrency space, where the pulsing beats of innovation, strategic insight, and market sentiment weave a story of possibility and change.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment, or financial advice.

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