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EOS, VeChain, Dogecoin price analysis: 07 July

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In the past few months as Bitcoin remained stable around the $9,000 mark, a few altcoins rose to the spotlight. While it still cannot be said that ‘altseason’ has arrived, that does not mean that we haven’t had individual altcoin rallies and individual altcoin busts. 

EOS:

Source: EOSUSD via Trading View

EOS, the 11th largest cryptocurrency in the market, is on the line between the rallying alts and the rattled alts. Currently trading at $2.56, EOS saw strong gains till early-May and since then began dropping in price.

From trading in a strong rising wedge, the price turned after hitting resistance at $3.01, and since then a falling wedge has been formed. This wedge has seen it form lower highs at $2.8 and $2.59 respectively and looks to continue till the end of the month, barring no externality. The Chaikin Money Flow indicator has been moving sideways for over a month but is still above 0 which is a positive sign. 

Brock Pierce, co-founder of Block.one the blockchain project behind EOS announced on July 5 that he would be running for the President of the United States of America, following in the footsteps of Kanye West, who also announced his bid this past weekend. 

VeChain

Source: VETCHAIN via Trading View

VeChain has been on a massive price push in the past week, rising by over 100 percent and seeing massive trade volume. In the past 24-hours the exchange’s trade volume, according to Coinmarketcap, was as high as $356 million, far higher than top cryptos like Binance Coin, Tezos and Stellar Lumens. 

READ  Ethereum: Ether is becoming 2nd-favorite on its parent chain
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Owing to this strong price performance, VET has shattered its upward channel that had been persisting since March 2020. Said channel took it from the support at $0.0023 to over two resistance levels at $0.0045 and 0.0084. The Relative Strength Index for the altcoin has broken into the overbought zone and is currently valued at 86.26, and is looking to flatten. 

Vechain will be one of the representatives of the cryptocurrency and blockchain industry at the World Artificial Intelligence Conference 2020 in Shanghai. 

Dogecoin

Source: DOGEUSD via Trading View

Even Dogecoin, the meme coin of the cryptocurrency market has seen bullish movement. Over the past three days, the price of DOGE has surged by over 20 percent. 

From March to May, the price traded strongly in an upward channel, breaking two support-flipped-resistance levels at $0.00149 and $0.0019. However, since May, the price began trading sideways in a parallel channel which was broken at the beginning of the week. The Bollinger Bands for the altcoin are opening up and the current price of $0.0027 is well ahead of the simple moving average at $0.0024. 

Stefan Molyneux, the controversial activist recently had his YouTube account suspended. He has since then tweeted a donation link that supports donations in seven cryptocurrencies, including Dogecoin. 

About the author

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Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

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