Bitcoin dipped by 2.5% yesterday, but the broader market dynamics have largely stayed the same since our last assessment. Here's an overview of the VeChain (VET) and Cosmos (ATOM) cryptocurrencies for Tuesday, October 10.
VeChain (VET)
The local trend for VET seems somewhat uncertain. The asset is now trading between a support zone of $0.0158-$0.0164 and a resistance level of $0.0175-$0.0180.
If it moves beyond this bracket upwards, VET might target the seller-dominated range at $0.0186-$0.0190, with a shot at solidifying its position above the psychological $0.0200 mark. This would suggest the emergence of a bullish trend.
VET is highly correlated with the BTC, especially during declines. As such, any downtick in BTC tends to ripple into VeChain's trajectory. Beneath the present support threshold, seller momentum gathers at $0.0155, dipping further to the monthly low at around $0.0146.
VET chart on the H4 timeframe
Cosmos (ATOM)
Both the global and local market trends for ATOM are in a downturn. At the moment, ATOM is trading close to the support zone between $6.57 and $6.71, having reached this point due to the decline of BTC on October 9.
If the downturn of Cosmos persists, and the current support level is breached, we may see increased buying activity within the $6.3-$6.4 range, and notably around the significant psychological level of $6.0. Such a decline seems probable should BTC continue its negative trajectory.
For a shift towards an upward trend, buyers would need to push through the resistance zone of $6.92-$7.06, tackle the sellers' mark at $7.2, and clear the $7.34-$7.5 bracket. Only with such momentum could there be a possibility of testing and potentially surpassing the recent high at $7.68.
ATOM chart on the H2 timeframe
With no significant economic news on the horizon today, we don't anticipate any sizable fluctuations in the crypto market.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
