The cryptocurrency market is showing positive momentum this Sunday, providing support for the prices of several altcoins including Zilliqa (ZIL), VeChain (VET), and SushiSwap (SUSHI). This advance occurs as Bitcoin stabilizes above the $47,000 support level, though analysts caution that the risk of another decline is not yet over.
Broader market dynamics are mixed. On one hand, the market continues to attract institutional investment. Furthermore, the potential approval of a $1.9 trillion U.S. stimulus package is viewed as positive for the sector, despite recent skepticism expressed by U.S. Treasury Secretary Janet Yellen. "I don't think that Bitcoin is widely used as a transaction mechanism. It is a highly speculative asset, and I think people should be aware it can be extremely volatile," Yellen stated, highlighting regulatory concerns.
On the other hand, regulatory challenges persist globally. In India, authorities are reportedly turning their attention to crypto hardware wallets, making deliberate attempts to seize them, highlighting the ongoing regulatory uncertainty in the region.
Focusing on the individual altcoins:
Zilliqa (ZIL) has found strong support above $0.10. The price has advanced from $0.065 to above $0.16 since the beginning of February, with the current price around $0.115. Critical support levels are identified at $0.10 and $0.08, while resistance sits at $0.12, $0.14, and $0.16. A break above $0.12 is seen as a buy signal.
VeChain (VET) is also advancing, but the risk of a decline remains high. The platform, designed for supply chain management, blends DeFi and CeFi features. Its price could fall below the $0.040 support. Resistance is at $0.045 and $0.050, with a drop below $0.040 signaling a sell opportunity with a target near $0.035.
SushiSwap (SUSHI) remains in a buy zone after advancing from $9.7 to above $19 since February, currently trading around $16. A move above $18 could target $19, while a fall below $14 would be a firm sell signal, opening the way to $12 support.
The analysis concludes that all three cryptocurrencies are in correlation with Bitcoin. A correction in Bitcoin's price would likely have a negative influence on ZIL, VET, and SUSHI, underscoring the interconnected nature of the current market rally.
