- AVAX surged 16% over the past week, successfully breaking out of a falling wedge pattern above the $19.20 range. The token is now testing resistance at the 50-day moving average around $21.56, with potential upside targets at $26.93 and $36.22 representing a 66% increase.
- VeChain (VET) is trading within a similar falling wedge pattern and recently bounced from support at $0.020 to current levels around $0.026. A breakout could push VET toward the 50-day MA at $0.029, with further targets at $0.036 and $0.049 representing 90% potential upside.
- The broader crypto market is showing signs of recovery with Ethereum gaining 9% in a week, climbing above $2,050 and providing relief to altcoins. This positive market sentiment is supporting the bullish momentum in both AVAX and VET.
- Technical indicators support the bullish outlook for both tokens, with AVAX showing a positive MACD crossover and VET displaying early signs of bullish divergence. Both patterns suggest weakening selling pressure and potential trend reversals ahead.
Date: Mon, March 24, 2025 | 07:34 AM GMT
The crypto market is showing signs of a rebound as Ethereum (ETH) gains 9% in a week, climbing above the $2,050 mark. This shift in sentiment is providing relief to altcoins, many of which have suffered heavy corrections over the past 90 days.
Among them, Avalanche (AVAX) and VeChain (VET) are displaying promising price action. AVAX has surged 16% over the past week, successfully breaking out of a key technical pattern, while VET appears to be mirroring a similar setup, positioning itself for a potential breakout.
Avalanche (AVAX) Breaks Out of Falling Wedge
AVAX has successfully broken out of a falling wedge pattern, a formation typically seen as bullish. The token surpassed the upper trendline of the wedge around the $19.20 range last week, signaling a shift in sentiment.
Currently, AVAX is trading around $21.56, testing key resistance at the 50-day moving average (MA). If the bullish momentum continues and AVAX breaks above this MA, the next resistance lies at the $26.93 price zone, followed by the 100-day MA and the $36.22 level, representing a 66% increase from the current price.
The MACD indicator on the daily chart shows a positive crossover, where the MACD line is moving above the signal line. This is a classic bullish signal, indicating that momentum is shifting in favor of the bulls.
VeChain (VET) Gearing Up for a Potential Breakout
Similar to AVAX, VET has been trading within a falling wedge since reaching its $0.036 peak in early December. Recently, the token bounced from the lower trendline support at $0.020 and is now trading at $0.026, approaching a crucial breakout point.
A confirmed breakout and retest of the wedge’s upper boundary could push VET toward the 50-day moving average at $0.029. If buying pressure sustains, the next major resistance would be at $0.036 and the 200-day MA, with a further move toward $0.049, representing a 90% potential upside from current levels.
The MACD indicator for VET is showing early signs of bullish divergence, suggesting that selling pressure is weakening. If the MACD line crosses above the signal line in the coming days, it would confirm a trend reversal and increase the likelihood of an upward breakout.
Final Thoughts
AVAX’s breakout has sparked bullish momentum, and if VET follows the same path, it could soon see significant gains. The technical patterns suggest positive momentum ahead, but there is still room for consolidation before a confirmed breakout occurs.
As always, traders should monitor key resistance levels, volume confirmation, and broader market sentiment before making any investment decisions.
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