Date: Sat, Nov 09, 2024, 11:17 AM GMT
The cryptocurrency market is in a strong bullish trend, with Bitcoin (BTC) soaring to new all-time highs, reaching an impressive $77,000. This upward momentum is generating a positive impact on altcoins, many of which are showing signs of an impending rally. Among them, VeChain (VET) and VeThor (VTHO) are standing out as both assets appear primed for a potential breakout.
Here’s a closer look at the technical outlook for VET and VTHO.
1.VeChain (VET)
VET is showing promising technical signs that indicate a potential breakout. The daily chart illustrates a descending triangle pattern, a structure that usually suggests an impending price reversal if broken to the upside. VET is trading close to the resistance line of this pattern, and a breakout above this level could pave the way for substantial gains.
Recent price action indicates that VET is gathering bullish momentum, with support levels holding strong at around the $0.022 mark. Additionally, the Relative Strength Index (RSI) is recovering from oversold territory, suggesting that buying pressure is gradually increasing.
If VET can break above the trendline resistance around $0.023, it could confirm a bullish breakout, with the next target levels at $0.026 and $0.032. A sustained move above these levels could lead to an extended rally as investor confidence strengthens.
2.VeThor (VTHO)
VTHO is displaying a similar pattern, forming a descending trendline resistance with support in the $0.0015 range. The chart shows that VTHO is testing this resistance line, and any breakout above it could trigger a rally.
The RSI for VTHO also hints at a bullish reversal, gradually climbing from oversold levels, which could mean that buyers are starting to take control. If VTHO manages to push above the trendline resistance around $0.0017, it may target the $0.0023 and $0.0029 levels in the near term.
A successful breakout would likely encourage more buyers to enter, potentially leading to further gains for VTHO as it aligns with the broader market sentiment.
With both VET and VTHO positioned near crucial resistance levels, any significant movement above these levels could confirm a breakout and start an upward trend. However, market participants should remain cautious and monitor these levels closely, as failed breakouts could lead to short-term retracements.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.