Date: Tue, Dec 24, 2024, 12:14 PM GMT
Today, the cryptocurrency market is showing signs of recovery after recent corrections. Bitcoin (BTC), which dropped to $92,000, has now regained some momentum, trading above $94,000.
Following this, top altcoins including Vechain (VET) and Algorand (ALGO) are also showing positive momentum today, with both tokens surging over 5% and trading near key breakout levels.
Source: Coinmarketcap
Vechain (VET):
Vechain (VET) is currently trading at $0.04880 and is moving closer to the upper resistance of a falling wedge pattern, along with its horizontal resistance zone. The token has been consolidating within the wedge for several weeks, but the latest bullish momentum suggests that a breakout might be imminent.
Vechain (VET) Chart 4H/ Coinsprobe
If $VET manages to break above the upper resistance of the wedge and surpass the horizontal resistance zone near $0.05086, it could trigger a rally toward its next major upside target at $0.06142. This represents a potential gain of up to 35% from the current price.
Traders will be closely monitoring the price action as the token edges closer to these levels, with indicators like RSI and MACD showing early signs of bullish divergence.
Algorand (ALGO):
Similar to VET, Algorand (ALGO) is also displaying bullish patterns. $ALGO is currently trading at $0.3811 and is approaching the upper boundary of its falling wedge pattern. The token’s recent upward movement has brought it closer to a critical resistance level.
Algorand (ALGO) Chart 4H/ Coinsprobe
If ALGO successfully breaks out above the key resistance level, it could aim for the next resistance zones at $0.48 and $0.5250. These targets represent significant upside potential, with gains of up to 38% from the current levels. Indicators such as RSI are trending positively, suggesting growing buying pressure, while MACD is signaling momentum shift in favor of bulls.
Conclusion:
Both Vechain (VET) and Algorand (ALGO) are at crucial points in their respective price trajectories. As the broader crypto market stabilizes and sentiment improves, these tokens could be on the verge of significant breakouts. However, it is essential to keep an eye on key resistance levels and confirm breakouts before entering positions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
