Bears Rule the Crypto Market: VET, ZEC, and OMG Price Plunge

The week has been very brutal in the crypto ecosystem. Market sentiments swung entirely bearish with BTC taking the lead. Other coins like VET, however, are not lagging in terms of daily loss. With a 24% daily loss, VET takes top position with runners up being ZEC and OMG.

#1. VeChain (VET 24% Loss):

VET comes first on this list. Appearing on our list for the first time in a few weeks, the top crypto made a considerable 24% loss in the past 24 hours.

VET stays bearish with nearly 50% of traders shorting VET. In addition, there is more possibility of a deeper bearish trend in the short term.

In the one-year timeframe, VET gained around 207% but accrues losses in all other time frames including the last 30 days.

VET is presently trading at $0.0131 amid a market capitalization of $840 million.

Technical Points

• Next Key resistance level at $0.014

• Next Key Support level at $0.0130

• RSI fibs at 80.0 oversold

Also Read : VeChain Price Prediction 2020 – Will The VET Price Gear Up?

#2. Zcash (ZEC 24% Loss):

For the first time this week, Zcash joins our list of top losers. The top cryptocurrency is second on this list having lost around 24% within the last 24 hours. 

The coin’s market position is quite negative with 40% of traders are bearish on ZEC. 

Within the last year, ZEC is down 28% and up by 14% in the last two months.  The coin is currently trading at $58.75 with market cap stabilizing at $589 million. 

Technical Points

• Short term trend is horizontal

• Next key resistance at $60

• Next major support level at $55

#3. OMG Network (OMG 16.9% Loss):

OMG made little consistent losses within the week. However, in the last 24 hours, it crashed significantly, taking the third spot among today’s list of losers.

Around 50% of market respondents are bearish on OMG and it seems the top coin is moving to accepting more losses in the future. 

During the last year, OMG gained roughly 300% and has recorded gains in all other time frames but the 24 hours. It records 127% gains since last month and lost 28% since last week.

The prevailing price of OMG is $3.6 with an average market cap of roughly 500 million. Also, over $538 million of volumes were recorded since yesterday.

Technical Points

• Next key resistance level lies at $3.6

• Next major support level at $3.4

• Prices may have troubles breaking the present price level at $3.6