The cryptocurrency market, led by Bitcoin (BTC), remains vulnerable to a new short-term downside given the losses seen in the last 24 hours. This outlook 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 last 24 hours and 22% this week.
At time of writing, VET / USD is trading at $ 0.178, below the 200 SMA and 100 SMA on the 4-hour chart. The cryptocurrency is also limited by a downtrend line, while the RSI is below 50, which suggests that the bears are in charge. If the sellers break the support at $ 0.17, VET could pull back towards $ 0.15.
VET / USD 4-hour price chart. Source: TradingView
Although the VET price has suffered major losses in the past week, the general outlook suggests that a rally is possible if the bulls manage to keep the bears at bay near $ 0.17. Key price levels to watch on the upside would be $ 0.20 and $ 0.21.
IOTA price analysis
The price of IOTA at the time of writing is $ 1.89, down about 1.03% on the day and 12.4% in the red over the past week. The bears currently cap the action near the 20-day EMA at $ 1.97, having dragged the MIOTA / USD pair below the 50 SMA and a bullish support line.
The RSI is sloping down below breakeven to add to the bearish outlook for the IOTA market. If the downward trajectory holds for the short term, IOTA could decline towards $ 1.60 and then $ 1.40.
IOTA / USD 4-hour chart. Source: TradingView
IOTA is a unique cryptocurrency and recent updates are set to better suit business adoption. This could be critical to the future of your market. In the short term, a break to the upside could push prices above $ 2.00, targeting $ 2.20 and $ 2.40.
Ethereum price analysis
Ethereum’s pullback from a spike above $ 4,200 occurred when BTC fell below $ 50k on May 12. While the bears have managed to keep prices below $ 4k, the overall outlook is positive for ETH / USD.
In particular, the ETH market is scheduled for a $ 730 million option expiration on May 14, a scenario that will likely see increased buying pressure for Ether. The bulls have pushed the price of ETH above the 50 SMA ($ 3,821) and could break the resistance at the 20-day EMA ($ 3,901).
ETH / USD 4-hour chart. Source: TradingView
The RSI is looking to slope above 50, which could help the bulls’ plans for a retest of the $ 4k level and possibly new highs near $ 4,500. Contrary to this, ETH / USD could drop to $ 3,650 and $ 3,260.