VeChain falls 4.9%, Stellar continues its climb and Algorand jumps 21% as most coins trade lower.
Bitcoin’s price has not made a significant move above $9,100 over the past five days and remains subdued as the weekend approaches. Most large-cap altcoins are following a similar path, although Stellar and Algorand show notable gains in early trading this morning.
VET/USD
VeChain was one of July’s top performers, with an upward trend that had bulls aiming for a new peak above $0.020. However, as the crypto market wavered alongside Bitcoin, buyers ran into resistance at $0.0194 and were unable to push decisively through $0.02.
At the time of writing, the VET/USD pair trades at $0.0183, down roughly 4.9% over the past 24 hours.
While VeChain could still see an intraday bounce during US and European trading sessions, downward pressure may test support at $0.01760.
The parabolic SAR sits above the price bars, indicating a likely downtrend, and the pair is trading below the 50-day moving average.
Both the MACD and the relative strength index (RSI) point to sellers having the upper hand, with a bearish divergence visible on the 4-hour chart. The RSI has slipped below the midpoint; bulls need it to rise above 45 to retain control around the $0.018 level.
XLM/USD
Stellar is among the leading altcoins trading in the green, gaining more than 9% over the last 24 hours.
The technical picture on the daily chart shows XLM trending toward overbought conditions, as indicated by the RSI. Bulls are seeking a green daily close for four out of five sessions this week, with the pair currently trading around $0.10106.
XLM/USD reached a high of $0.103 and could extend higher if buyers maintain momentum.
The price has pulled away from the upper 20-day Bollinger Band. Any pullback may find support at $0.094, with a deeper Fibonacci 78.6% retracement level at $0.080, which also aligns with the Bollinger Bands’ midline on the daily chart.
ALGO/USD
Algorand surged more than 21% in the past 24 hours to reach multi-month highs near $0.38. The token has gained over 50% in the last seven days and appears positioned for further upside.
Coinbase helped fuel the rally by listing the token on its main trading platform and is preparing to launch EUR and GBP trading pairs.
At the time of writing, Algorand trades at $0.355 against the US dollar. Major resistance is seen near $0.39, while bulls can look to support at $0.3215 if the market turns lower.
Charts show the parabolic SAR moving below price, suggesting the bullish bias remains intact. The MACD also supports continued upside, although traders should note the RSI is showing overbought conditions and could signal a short-term pullback.