In the hours leading up to press time, Bitcoin climbed from $38.5k to $41.5k. As a result, the altcoin market also rose. Solana and EOS were just two of the coins whose short-term market structure appeared to be moving from bearish to bullish. VeChain managed to hold a support level and appeared to climb towards $0.051 on the charts.
EOS
Source: EOS/USDT on TradingView
For EOS, the test of the $1,885 support level in recent days saw a bullish divergence emerge on the hourly timeframe. The RSI made higher lows even as the price made lower lows. This suggested that the bearish momentum was weakening. The trendline resistance (yellow) has broken through the past few hours. Last week’s downtrend and its most recent lower high at $2.02 (green) was also broken.
The $2.05 (red box) area appeared to have flipped from supply to demand. While the RSI remained in overbought territory, EOS could see further gains in the coming days. This bullish scenario would be invalidated if the session closed below USD 2.02.
Solana (SOL)
Source: SOL/USDT on TradingView
Solana was another currency that has broken its bearish trend from earlier in March in recent hours. $81.1 was a long-term support for SOL and prices have risen again from this level. In the north, $93.4 is likely to act as a strong resistance.
The Awesome Oscillator has been hovering around the zero line for the past 24 hours. Very recently, it jumped above the zero line to flash upward momentum. The OBV has also ticked higher in recent hours. Still, at press time, it had yet to top its previous local high (orange).
VeChain (VET)
Source: VET/USDT on TradingView
The Fibonacci retracement levels pulled for VET’s bounce in late February showed that the $0.046 level was the 61.8% retracement level for that move. VET found support near $0.046 and moved higher. The USD 0.049 and USD 0.05 levels are important in the near term for VET bulls to conquer, and a move above USD 0.051 would indicate that VET is headed towards its local highs of USD 0.057.
This post EOS, Solana, VeChain Price Analysis: March 09
was published first on https://ambcrypto.com/eos-solana-vechain-price-analysis-09-march/
