Date: Thu, Jan 30, 2025, 05:58 PM GMT
In the cryptocurrency market today, major altcoins are showing strong upside momentum as Bitcoin (BTC) surged above the $105K mark. This comes after the FOMC meeting, where no interest rate cut was declared, fueling optimism in the crypto space.
Following BTC’s lead, VeChain (VET) and Litecoin (LTC) have gained significant attention, recording 15% and 11% gains in the past 24 hours.
Crypto analyst Jonathan Carter has provided a detailed technical breakdown, suggesting that both VET and LTC could be on the verge of significant breakouts.
VeChain (VET)
VeChain (VET) is currently trdaing at $0.047 level and testing the upper boundary of a symmetrical triangle on the 12-hour chart. The price has been consolidating within this pattern for weeks, and a decisive move could soon follow.
If VET breaks above the descending resistance, a surge toward $0.0535, $0.0610, $0.0690, and $0.0790 could be in play. However, failure to break out could lead to a retest of lower support levels.
The bullish momentum is increasing, with RSI moving into overbought territory, hinting at a potential breakout. A strong move above the resistance could confirm the bullish trend, pushing the price toward new highs.
Litecoin (LTC)
Litecoin (LTC) is showing strength after successfully breaking through a major 2024 resistance zone on the weekly timeframe and currently trdaing at $130 level..
If LTC sustains momentum above the descending resistance, the next upside targets are $195 and $290.
The breakout is looking promising, but volume needs to stay high to prevent a fakeout. If buying pressure remains strong, LTC could continue its rally in the coming days. However, if resistance proves too strong, a short-term pullback may occur before another attempt to break higher.
What to Expect Next?
Both VeChain and Litecoin are at crucial points, and the coming days will determine whether they continue higher or face rejection. A clean breakout with strong volume could push VET and LTC towards their respective targets, solidifying a bullish trend. On the other hand, if resistance levels hold, short-term corrections could follow before another breakout attempt. tailwind needed for VET and LTC to push higher.
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