While the latest market crash wiped out more than $400 billion in just two days, VeChain, Tezos, and EOS hit multi-month lows on Jan.
Over the past few hours, these cryptocurrencies have recovered somewhat from their long-term supports. However, to drive a sustained recovery, the bulls still need more volume and inflows.
VeChain (VET)
Source: TradingView, VET/USDT
While the $0.08 resistance stands as a tough hurdle, VET oscillates within a falling channel (yellow). Accordingly, the broader sell-off led to the subsequent breakdown. Alt has lost 41.23% of its value (since January 20) and hit a 46-week low on January 22.
The bulls have not even been able to defend the $0.05856 resistance (previous support). As a result, the price fell below all EMA Ribbon. As the gap between the bands widened, selling power undeniably prevailed. Now, the test point for the bulls is at $0.05856 which coincides with the 20 EMA.
At press time, VET is at $0.05317. Downtrend RSI needed to find a close above the oversold zone to clear the way for a rally. The CMF skewed towards the sellers but showed signs of improvement over the past day.
Tezos (XTZ)
Source: TradingView, XTZ/USDT
XTZ has recovered from the previous support and marked a rising channel (white). However, after the recent drop, the bulls were unable to sustain the $3.8 mark, where they have been for more than 5 months.
Alt recorded a 49.67% drop (from January 5) and hit a six-month low on January 22 after witnessing two significant sell-offs. Then, after falling to the $2.7 mark, it showed strong signs of resurgence from the lower band of the Bollinger Bands. Now, the immediate resistance is at $3,226.
At press time, the altcoin is trading at $3,108. After hitting a record low on January 22, RSI has seen a 20-point resurgence in the last 24 hours. Its northbound trajectory could find a test point at the 42-point resistance. Besides, DMI lines confirm bearish strength. However, their dwindling distance keeps the hope of a revival alive.
EOS
Source: TradingView, EOS/USDT
After breaking a five-week low on January 10, EOS marked a recovery of more than 14.7% after breaking out of the previous descending channel (yellow).
As sellers entered the $2.9 zone, EOS plunged into a bearish channel (white). Its breakout was then short-lived with broader declines as EOS marked a 29.5% drop and hit a 13-month low on Jan. 22. Now, the point immediate test for the bulls is at the $2.40 mark
At the time of writing, EOS is trading at $2,262. The RSI undeniably picked the bears but improved slightly as it attempted to rise from the oversold zone. More, POND confirmed the downtrend, but it flashed green bars, showing that selling is waning. However, CMF still needs a close above zero to confirm a strong bounce.