Altcoins are just like that
VET and XTZ are approaching the descending wedge resistance level โ will a breakthrough lead to an explosion?
As Bitcoin (BTC) rebounds from a recent low of around $76,000 and is currently trading at about $84,000, the cryptocurrency market shows signs of stabilization.
This positive shift provides a much-needed boost to altcoins โ for example, tokens like VET and XTZ, both of which have been severely impacted over the past 90 days.
VET has fallen back from a high of $0.080.
Since then, the token has dropped over 68% and hit a low of $0.021 on March 11.
However, momentum seems to be shifting, with VET recovering to $0.025 and currently approaching the upper boundary of the wedge.
A breakthrough of this resistance level (ideally confirmed by a successful retest) could open the door to $0.036, which aligns with the 50-day moving average (MA).
If the upward trend strengthens, VET could rise further โ nearing the $0.048 region of the 100-day moving average. This indicates a potential increase of 92% from current levels.
XTZ Analysis
XTZ has also experienced a similar trend, dropping over 68% after reaching a peak of $1.90 in early December, and hitting a low of $0.61 on March 11.
XTZ is currently trading at about $0.7145, on the verge of breaking through its own descending wedge pattern.
A successful breakthrough and retest could push the price toward the resistance level of $0.92, aligning with its 50-day moving average.
If bullish momentum continues, the next target could be $1.13, close to the 100-day moving average โ representing a potential increase of 57% from the current price.
Will VET and XTZ break through next?
Both tokens are now at critical technical junctures.
The descending wedge pattern is often an early indicator of a reversal, but confirmation through volume and subsequent action is key.
Will traders closely watch for a decisive breakthrough?
While the technicals look promising, broader market sentiment, Ethereum's next major moves, and macroeconomic factors will still play significant roles in shaping future developments.
Meanwhile, to provide more cryptocurrency investors with additional reference suggestions and a better grasp of opportunities, follow me, Crypto Li Ge; I need fans, true die-hard fans.
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