In today’s crypto market Bitcoin and Ethereum, the usual headliners, are holding steady, but there’s a buzz of excitement around the altcoins. The total market cap of these digital assets, beyond the realm of BTC and ETH, is at a critical point, simmering with potential. What’s intriguing is the alignment of the stars in the crypto universe – the MACD and RSI indicators are both hinting at a bullish trend in the weekly charts. And the US dollar index (DXY) is trending downwards, which often spells good news for riskier assets like BTC and its altcoin counterparts.
So, what’s brewing in the altcoin world, particularly for players like VeChain (VET) and EOS (EOS) that are telling two different stories in this unfolding drama? VET is currently navigating a 5% dip, while EOS is enjoying a 2% surge, illustrating the diverse fortunes and unpredictability inherent in the crypto market. Amidst these developments, there’s a new entrant stealing the spotlight, ScapesMania (MANIA), making waves with its presale phase and drawing in investors with attractive discounts and bonuses.
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VeChain (VET): December Developments Spark New Trajectory
VeChain (VET) has had an action-packed December brimming with developments that can reshape its market trajectory. The shift of the VeChainThor mobile wallet into a “storage-only” mode from the end of December is a strategic play, setting the stage for VeWorld to take the lead as VET’s primary wallet – a deeper focus on streamlining the user experience within the VeChain ecosystem. The anticipated launch of a native dApp explorer this month also shows VeChain’s (VET) dedication to making its blockchain more accessible and engaging, while the team’s bustling activity towards their Q1 2024 roadmap paints a picture of a dynamic and forward-thinking organization. An especially notable achievement is the surge in VET’s holder base, now exceeding 900k, with a significant boost in early December of over 57,000 new holders, partly thanks to the spotlight from its UFC partnership.
VeChain (VET) Technical Analysis
On the technical front, VeChain (VET) is trading in a zone between support level at $0.03198125 and resistance level at $0.03716969. The Simple Moving Averages (SMA) for 10 and 100 days, both hovering around $0.0352, suggest a steady price trend in the near future.
Source: TradingView
The Relative Strength Index (RSI) at 45.204 portrays a balanced market sentiment, neither too hot, nor too cold. The Stochastic %K leaning towards 67.296 hints at a subtle bullish undercurrent, potentially suggesting an upward swing in price. However, the low Average Directional Index (ADX) at 16.856 and the negative Commodity Channel Index (CCI) at -70.94 whisper tales of a market in anticipation, possibly gearing up for a shift. The MACD level, albeit slightly positive, combined with almost negligible momentum, points to a market poised on the brink, awaiting a stronger signal to define its direction.
VeChain (VET) Price Prediction
On the optimistic side, the positive buzz from recent achievements and the UFC partnership could nudge VeChain (VET) towards its first resistance level and possibly beyond, towards the $0.0398528 and $0.04504124 ceilings. A successful breach of $0.03716969 could find support from a rising Stochastic %K. Conversely, in a bearish twist, VET might retreat to its initial support level, a move that could be catalyzed by the negative CCI and a stagnant momentum. If the downward trend gathers steam, VeChain (VET) might find itself testing lower defense lines at $0.02947592 and potentially $0.02428748.
EOS (EOS): Tension Builds Around Crucial Resistance Level
EOS (EOS) is in an exciting chapter of its story, thanks to the vision and leadership of Yves La Rose and the EOS Network Foundation – the implementation of EOS EVM has been a game changer, making it simpler for money to move from Ethereum and fostering DeFi applications on EOS. The recent EOS EVM v6 release, introducing trustless USDT bridging, and the strategic partnership with Spirit Blockchain Capital, especially after their latest funding round, are painting a bright future for EOS (EOS), along with the increased activity in EVM chains stemming from the crypto market’s surge.
EOS (EOS) Technical Analysis
Currently, EAO (EOS) is trading in a delicate balance between its first support level at $0.7453 and the first resistance at $0.8482. The trend is holding steady, as indicated by the SMAs for 10 and 100 days, hovering around $0.7904 and $0.7814, respectively.
Source: TradingView
The RSI at just under 60 is a tightrope walk, suggesting EOS is on the brink of a bullish trend without tipping into overbought territory. The Stochastic %K is sky-high at 89.47, hinting at a market that’s heating up, but the ADX’s low score of 15.4 whispers of a trend that’s still finding its feet. The CCI at 142.28 and a modestly positive MACD add to the mix, painting a picture of cautious optimism.
EOS (EOS) Price Prediction
In a bullish scenario, EOS could break through the resistance at $0.8482, propelled by the positive developments in its ecosystem, such as the strategic partnership with 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 even the most ambitious target at $0.9987. On the flip side, a bearish turn could see EOS (EOS) retreating towards its support levels, with the subsequent threshold at $0.69 and the critical ground at $0.5871 acting as potential cushions.
Bottomline
In the ever-shifting sands of the cryptocurrency landscape, VeChain (VET) and EOS (EOS) stand as intriguing storytellers, each unfolding a unique narrative: VET is stirring the pot with strategic maneuvers, like its wallet transformation and the impressive growth of its user base, hinting at a vibrant future shaped by user-centric innovations and new technological frontiers; EOS, on the other side of the spectrum, is navigating through its own thrilling chapter, bolstered by visionary leadership and promising partnerships, teetering on the brink of potential breakthroughs or recalibrations. Together, VeChain (VET) and EOS (EOS) encapsulate the dynamic essence of the crypto realm where innovation, strategic insight and the pulsating beat of market sentiment weave a tale of possibilities and transformations.
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.
