VeChain: the price rises thanks to the Chinese hype
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VeChain: the price rises thanks to the Chinese hype

By Federico Izzi - 12 Nov 2019

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Among the big ones, the price of VeChain (VET) continues to give excellent bullish signals today, with a rise of 15% and a place among the two best of the day. VeChain is a Chinese team that is harnessing the hype after President Xi Jinping’s statements at the end of October that gave strong support to all Chinese projects in recent days. 

Over the past few days, the price of VeChain has continued to take advantage of the decision to officially promote blockchain projects in China. From the relative lows at the end of October, VET now sees a rise that exceeds 75% in performance, much better than other Chinese projects, such as NEO, TRON and Binance, which nevertheless continue to perform but not with the same intensity as VET. 

Together with the price of VeChain, the best of the day is Aurora, which rises by 15%, continuing the bullish intensity that saw it on the podium yesterday. By contrast, DX Chain token is under the eye of speculation: while yesterday it jumped by 50%, the strong volatility today makes the decline oscillate between 30 and 50% on a daily basis and confirming DX as the worst of the day. 

Source: COIN360.com

The market cap, despite the weakness of the last 48 hours, returns above $240 billion, with bitcoin maintaining 66% of the dominance. The values remain unchanged for Ethereum and Ripple, respectively around 8.5% and 5%.

Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin fails to lock the 9,000 dollars and returns below 8,800 dollars, the lowest level of the period from last weekend. For BTC it is important to recover the 9,000 dollars, otherwise, a drop below 8,600 could trigger speculation that would lead prices to test the 8,200-8,000 dollars. 

It is necessary, in the medium term, not to go below 8,000 dollars. Upwards it is important to recover 9,000 and then 9,500 dollars, a threshold that has served as a cap to every bullish attack.

Ethereum chart by Tradingview

Ethereum (ETH) price

It is a phase of particular operational boredom that sees the prices from the end of October fluctuate around 185 dollars, without giving any operational indication. The fluctuations continue to remain around 185 dollars.

XRP chart by Tradingview

Ripple (XRP) value

Ripple, contrary to the statistics, is not positively affected by the Swell conference: the price today is close to 27 cents of the dollar, a decline that records a loss of 15% from the period highs recorded last week, just above the threshold of 30 cents of the dollar.

The bullish attack that was rejected for the third time in two months is causing concern with regard to the good continuation of the holding of 25 cents of a dollar, as it shows the break in the bullish trendline present since last September. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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