Bitcoin Weakens as Altcoins Remain Unpopular Among Investors
Recent developments have caused a weakness in the price of Bitcoin. With the introduction of new regulations, cryptocurrency investors continue to stay away from altcoins. As a result, Bitcoin’s market dominance has reached around 50% in the past few days.
Analysts and crypto investors will continue to focus on the price of Bitcoin in the coming period. If the price of Bitcoin remains above $25,000, it will strengthen the possibility of an upward movement. A rise in Bitcoin’s price will increase interest in the cryptocurrency market and lead to an increase in buying orders for many altcoins.
VeChain Chart Analysis
The VeChain chart has formed a narrowing triangle formation in the past few days. Although this structure is considered a negative pattern by many analysts, the VeChain price has been holding on to the support line for the past few days, which is a positive sign for now.
The flattening of moving averages on the chart and the RSI approaching the midpoint are noteworthy. This indicates that the downward pressure may have decreased. With the next buying move from investors, the price will rise above the support line. If this happens, the negative formation scenario will be invalidated, potentially triggering a new upward movement towards $0.021.
However, if the price breaks below the current level, with the influence of short positions in futures trading, the support line can be violently broken, and the price may move towards the critical level of $0.014 in the next stage.
Lido Chart Analysis
Lido DAO has been trading near the moving averages in the past few days. This could indicate a potential strengthening of the price. The convergence of moving averages and the RSI rising to a positive level could be positive factors for the price.
The first resistance that needs to be surpassed is located at $1.73. If a breakthrough occurs at this level, a downward trend movement can be observed in the LDO/USDT pair. This scenario could lead to a serious battle between bears and bulls.
However, if a downturn occurs and the price remains below the moving averages, bears can take advantage of this weakness and exert significant pressure on every small increase. In such a scenario, the support at $1.38 may be tested again.
