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November 27, 2022
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Guide & Analysis

Price analysis of Polkadot, VeChain and Solana

After dropping to a record high, Bitcoin enthusiasts are buying into the plunge. However, this fix looks great and was a long-awaited fix. With BTC recovering from $ 32000 to $ 42000, altcoins on the market have also seen a strong recovery on the charts.

Polkadot (DOT), VeChain (VET) and Solana (SOL) were among the cryptocurrencies that were staying strong and rising.

Polkadot (DOT)

Source: DOTUSD no TradingView

The sharp drop in the Polkadot market pushed its price from $ 40 to $ 18. However, that drop was only momentary and the cryptocurrency rebounded above $ 26. At the time of writing, the DOT was being traded at $ 28.70. The token was moving within a restricted range of $ 26.52 and $ 29.68, while volatility left the market.

At Bollinger Bands saw the inflated period of volatility converge to indicate reduced token movement. The signal line fell under the candles, a development suggesting that the price was moving at a higher level, even within the current range. Meanwhile, buying pressure was increasing, as the Relative Strength Index (RSI) was pushed to 47 out of 30. This implied that although the DOT was oversold during the eviction, traders saw this as an opportunity to buy the fall.

Finally, the Awesome Oscillator suggested that momentum was increasing and could help the price maintain its value.

VeChain (VET)

Vet Chart
Source: VETUSD no TradingView

VeChain’s price dropped after a long time. He maintained support at $ 0.14, however, he dropped to $ 0.0463. As the market entered a recovery mode, the VET price rebounded above $ 0.0906, as it established a soft support. The digital asset was trading at $ 0.1287, so far, and could test resistance at $ 0.1334.

Volatility remained low, until the moment of publication, with the convergence of Bollinger Bands. This recovery pushed the price into an upward trend and the signal line moved under the candlesticks, suggesting an upward movement. Increased buying pressure has also helped the price to rise.

O RSI suggested that after falling well below the oversold zone, the VET returned above that zone. With buyers showing an interest in buying the asset, the RSI value soared to 51. This was a sign of a stable market, while money also remained in the market

Solana (SOL)

Graphic Sun
Source: SOLUSD no TradingView

Solana’s price recently tested the resistance at $ 42.65, but failed to overcome it. So far, SOL was trading at $ 42.28 and trying to overcome its resistance. The rise in the market may help the digital asset to overcome this point.

At Bollinger Bands suggested that volatility was significant in the SOL market. As the price dropped a second time after testing resistance, it formed a support level at $ 39.14. As the price consolidated at this level, the signal line fell under the candles and marked an upward trend for the SOL token. Meanwhile, buyers have dominated the market when the Relative Strength Index reaches 52, just above the level of equilibrium.

This bullish momentum hit with the MACD bullish signal pointed to the movement of the SOL above $ 42.65.

Source: AMBCrypto

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