Polkadot, VeChain, and Basic Attention Token all exhibited bullish patterns or demand from buyers and could be set to surge in the near-term. However, Bitcoin’s inability to rise past $11,000 and $11,200, accompanied by a rising Bitcoin Dominance, could spell more losses for altcoins in the coming weeks. At press time BTC was trading at $10,723 with a 24-hour trading volume of $82.1 billion.
Bullishness displayed by many altcoins only applied to the short-term, as many coins have lost most of the gains made in August and could trend lower on the longer time frame.
Polkadot was making higher lows as it approached a level of resistance at $4.8. On Balance Volume showed a trend of buying volume outweighing the selling pressure over the past week.
Chaikin Money Flow was in agreement with these findings, as it had stayed neutral or indicated capital inflows into the market in the last few days.
On the evidence of buyer interest, DOT can be expected to reclaim $4.8 resistance.
VeChain formed an ascending triangle, shown by the yellow lines. This is a bullish pattern that often sees price break out upwards.
MACD gave a buy signal at the time of writing but could soon flip to a sell signal. Yet MACD and signal lines were above the zero line, which was a weak bullish case for the asset.
A sell signal could be interpreted a bit loosely here and a wait-and-watch strategy to jump on the break out could work.
The price could break out in either direction, although the upside was more likely. A breakout and retest of the trendlines would validate a breakout.
Basic Attention Token [BAT]
Basic Attention Token formed a series of higher lows, indicated by the cyan arrows, indicating that the coin was approaching a level of resistance on a wave of buying pressure.
However, the coin has also been trending lower and was overwhelmed by selling pressure as recently as last week.
In the near-term, BAT was likely to flip the resistance at $0.24 to support, but there was also the possibility that BAT bounced just past resistance before resuming the prior downtrend.