The cryptocurrency market, led by Bitcoin (BTC), remains vulnerable to further short-term fall given the losses incurred over the past 24 hours. This prospect is likely to thwart any immediate recovery plans for Ethereum, IOTA, and Vechain.
Vechain Price Analysis
The VET / USD pair is down 4% in the past 24 hours and 22% this week.
At the time of this writing, VET / USD is trading at $ 0.178, below the 200 SMA and 100 SMA on the 4-hour chart. The cryptocurrency is also capped by a downtrend line while the RSI is below 50, indicating that the decline is under control. If sellers break the support at $ 0.17, VET could pull back to $ 0.15.
4-hour VET / USD price chart. Source: TradingView
Although the price of VET has suffered significant losses over the past week, the overall forecast suggests that growth is possible if the increase can be contained in the decline at around $ 0.17. Key price points to look out for will be at $ 0.20 and $ 0.21.
IOTA Price Analysis
At the time of writing, the IOTA price was $ 1.89, down 1.03% in the day and 12.4% in the past week. The upside is currently capping activity around the 20-day EMA at $ 1.97 after MIOTA / USD dipped below SMA 50 and a bullish support line.
The RSI falls below the breakeven point, which reinforces the bearish outlook for the IOTA market. If the bearish path continues in the short term, IOTA could drop to $ 1.60 and then to $ 1.40.
4-hour IOTA / USD chart. A source: TradingView
IOTA is a unique cryptocurrency and recent updates should make it more usable by businesses. This could be fundamental to its market in the future. In the short term, the gap could push prices above $ 2 with target levels of $ 2.20 and $ 2.40.
Ethereum price analysis
Ethereum’s recovery from a peak above $ 4,200 occurred when BTC fell below $ 50,000 on May 12. While the decline managed to keep prices below $ 4,000, the overall picture is positive for ETH / USD.
Notably, the ETH market is poised for the expiration of the $ 730 million option on May 14, which is likely to result in additional buying pressure on Ether. The rally pushed the price of ETH above the 50 SMA ($ 3,821) and could break resistance at the 20-day EMA ($ 3,901).
ETH / USD 4-hour chart. Source: TradingView
It looks like the RSI will rise above 50, which could help retest the $ 4,000 level or even hit new highs around $ 4,500. Conversely, the ETH / USD rate may fall to $ 3650 and $ 3260.