Dogecoin (DOGE), VeChain (VET), Binance Coin (BNB) – Altcoin Price Analysis – November 7

(ORDO NEWS) — Crypto money most of the 50 largest markets in Altcom is located in the red zone. However, cryptocurrencies such as Binance Coin and VeChain showed a bullish outlook throughout the week. Despite this, momentum is slowing in the bullish favor of the mentioned coins.

On the other hand, Dogecoin showed a bullish outlook, according to the analyst, with double-digit losses recorded in the last 7 days. Analyst Yash Majithia evaluated the cryptocurrencies in question.

Dogecoin (DOGE)

Dogecoin price had been moving within an ascending wedge formation since September 26, according to the analyst. The joke coin delivered 6% monthly returns. As a result, the altcoin hit the top of the last 11 weeks on October 28 and experienced a decline from there. However, returning from the upper trendline, DOGE found a support line at $0.2320.

DOGE price is down 2.6% in the last 24 hours, and the coin’s short-term technical indicators point to an increase in selling pressure. At the time of this writing, Dogecoin is trading at $0.2551, with a weekly loss of over 10%.

VeChain (VET)

VET, the own token of the VeChain network, has been in a stable uptrend over the past month. Altcoin price moved within two upward parallel lines, with a 40.20% rise on its monthly chart. As a result, VET hit a five-month high on November 5 and returned between two trend-following parallel lines.

However, the altcoin price has lost 3.92% in the last 24 hours after pointing to a decrease in buying pressure in the short term. At the time of this writing, VET is trading at $0.15376.

Binance Coin (BNB)

BNB price has been moving between parallel lines for the past six weeks, painting a bullish picture. The altcoin price has delivered massive returns of 41.16% monthly and 17.11% weekly. In addition, Binance cryptocurrency exchange announced that it will sell FC Porto fan token in an agreement with Portuguese football club FC Porto . As a result, BNB’s price action also crossed the upper trend line, peaking in the last 25 weeks on November 6, 2021.

At the time of this writing, the price of BNB is trading at $ 607, while the short-term technical indicators of the coin point to a decrease in bull strength, according to the analyst.

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