The bear market is still in play as the prices of Ether, VeChain, and IOTA are all trading in the red zone as we head into the weekend
The bearish cycle in the cryptocurrency market continued this week, with Bitcoin still struggling close to the $30k range and Ether dropping below the $2,000 mark. Ether, VeChain and IOTA are all trading in the red zone as we head into the weekend.
The cycle will most likely continue over the coming days, and the cryptocurrencies could experience further losses. However, a market recovery could see them perform better and regain some of the losses sustained this week.
ETH price outlook
Ether remains the second-largest cryptocurrency by market cap, but its price has been underperforming in recent weeks. The ETH/USD 4-hour chart shows that Ether is currently struggling, and its price could dip lower in the coming days.
ETH/USD 4-hour chart. Source: Coinalyze
If the current bearish trend continues, the ETH/USD pair could slip below the first major support level at $1,852. Unless there is an extended market sell-off, ETH should be able to steer clear of sub-$1,800 levels.
However, a market rally could see Ether look to break past the first major resistance level at $2,012.
VET price outlook
VET/USD pair is currently down by nearly 4% over the past 24 hours. The 4-hour chart and other technical indicators show that VeChain is in bearish territory. VET’s price could drop below the $0.060 support level over the coming days if the bear run continues.
VET/USD 4-hour chart. Source: Coinalyze
Barring an extended sell-off and a general loss in the broader market, the VET/USD pair should be able to comfortably defend the 0.055 region over the weekend. However, to turn things around, VET would need help from the broader market. A rally this weekend could see the cryptocurrency attempt to reach the $0.073 levels again.
IOTA price outlook
IOTA is the biggest loser amongst the three, with its value down by over 5% over the past 24 hours. The 4-hour chart indicates that a bearish trend is in play, and the price could drop lower in the coming hours.
IOTA/USD 4-hour chart. Source: Coinalyze
If the bearish trend continues, then IOTA risks losing the $0.60 support in the coming hours or days. An extended sell-off could see IOTA struggle to maintain its position around the $0.50 mark. However, in the event of a market rally, the IOTA/USD pair could surpass the first major resistance point at 0.73. A further market rally could see IOTA target the $0.80 mark over the next few days.
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Author: Hassan Maishera