Ethereum, VeChain, Dogecoin Price Analysis – January 30

ByDawn Pipkin

Jan 30, 2022

The global market capitalization saw a slight surge within the past 24hrs, reclaiming $1.8 trillion. That way, Ethereum, VeChain, and Dogecoin recorded marginal recoveries. That came after Bitcoin recorded trend-altering moves. The alts still should infuse volumes as buyers motivate the recovery move.

Ethereum (ETH)

Ethereum lost the $3,000 and $2,700 support levels amid the latest fall as bears flipped the zones to resistances. That had Ethereum on a 33.8% fall since January 20 high to touch 6-month lows on January 24.

Meanwhile, ETH consolidated within an upward channel within the last few days, printing a bearish flag on the 4hr chart. The closest resistance remained around the upward channel’s half-line. While publishing this article, Ethereum traded at $2,623.

RSI witnessed a remarkable 43-pony revival after the broad sell-off. The indicator finally crossed its midline to test 58 three times within the past 48hrs. Meanwhile, the volume oscillator declined under the zero line, suggesting weak bullish actions.

Dogecoin (DOGE)

Dogecoin recorded a 41.2% correction to hit 9-month lows on January 22. Since then, the meme crypto entered a recovery phase as it tests the immediate resistance around $0.1456. Buyers appear at $0.1379 to stall the upward channel breakdown. With that, DOGE’s price recovery overpowered 50-ema around $0.1456. Further retracements might secure a testing point at $0.1379.

While publishing this article, Dogecoin traded at $0.1428. The RSI steadied beyond the midline since yesterday after the latest revival. The indicator encounters resistance at 54. Moreover, the northbound Chaikin Money Flow revealed bullishness after crossing the zero-line. Nevertheless, the ADX highlighted extremely feeble direction bias for DOGE.

VeChain (VET)

Bulls could not defend the resistance at $0.05856 (previous support) as bearishness dominated. VET lost around 41% of its price since January 20, plunging towards 11-month lows on January 24. The last few days had the alt printing a bearish flag on the 4hr chart. Bears have tested the lower channel over the past 48hrs. Any comeback by bulls would meet a ceiling around $0.05856.

While writing this analysis, VET traded beyond 50 and 200SMA at $0.05488. The Relative Strength Index still required a close beyond 57 to authorize massive recovery. The Chaikin Money Flow favored buyers after a remarkable upsurge yesterday. Nevertheless, on-balance volume failed to match the latest uptick, suggesting slowdown potential.

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