The BTC chart showcases minimal fluctuations, so the prior analysis for the primary cryptocurrency still holds. Delving into the market situation for VeChain (VET) and Maker (MKR) on Thursday, September 7.
VeChain (VET)
VET has been in a continuous global downtrend for more than two years. Currently, on the H4 timeframe, the coin is oscillating within a narrow range, with support at $0.0151 and resistance at $0.0158.
If VET breaks out upward from this consolidation, it could target the sellers' zone from $0.0165 to $0.0171, with a potential to reach the significant resistance levels at $0.018 and within the $0.0186-$0.019 bracket. A solid stand above this latter range would signify a shift from the local downtrend to an upward momentum.
Conversely, if the downtrend continues, VET might retest the buying zone from $0.0148 to $0.0151 and could set a new local low at $0.0144.
VET chart on the H4 timeframe
Maker (MKR)
While the overall MKR trend has been bearish, it has shown a positive trajectory since the beginning of the year. Currently, the MKR price is trapped within a range, bounded by a support level at $1,082 and resistance at $1,186. If the downturn intensifies, the asset may retest the buying zone ranging from $980 to $1,027. However, without any pronounced negative shifts on the BTC chart, a new low for MKR seems improbable.
The continued appreciation of MKR remains the more likely scenario. The upcoming resistance area lies between $1,236 and $1,283, where some pushback from sellers might be observed. Above that, the yearly high of $1,362 stands as the last hurdle for MKR before establishing an uptrend.
MKR chart on the H4 timeframe
Today, the release of the latest U.S. unemployment claims data is expected. Being the week's most notable economic indicator, it might cause increased volatility in BTC and other cryptocurrencies.
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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:
