Date: Tue, Jan 28, 2025, 12:27 PM GMT
The cryptocurrency market is rebounding strongly after yesterday’s sharp downturn, with Bitcoin (BTC) recovering from its 24-hour low of $97,795 to its current price of $102,700. This upward movement has positively impacted major altcoins, including XDC Network (XDC), Stellar (XLM), and VeChain (VET).
Among these, XDC and XLM have led the charge with impressive gains of 17% and 6%, respectively, following key breakout patterns. Meanwhile, VET is up 2%, signaling that it could be preparing for a similar move.
XDC Network (XDC)
XDC has displayed strong price action after breaking out of a falling wedge pattern, a structure typically associated with bullish reversals. The cryptocurrency bounced off the wedge support near $0.096, alongside the 200-day simple moving average (SMA), before breaking out near the $0.1120 level.
Currently, XDC is trading at $0.1161, and testing its 100-day SMA, crossing this could lead it to next resistance level at $0.1326.
Stellar (XLM)
Similar to XDC, XLM has successfully broken out of its falling wedge pattern. After bouncing from support at $0.3639, XLM gained bullish momentum and made its breakout near the $0.41 level.
At present, XLM is trading at $0.42, and testing its 200-day SMA, crossing this could lead it to next resistance level at $0.4472.
Is VeChain (VET) Gearing Up for a Breakout?
VeChain (VET) is displaying a similar price setup, currently consolidating near the upper resistance line of its falling wedge pattern. VET is trading around $0.04530, indicating a potential breakout opportunity.
If VET manages to break out of this pattern with strong volume, it could first test the 200-day SMA, followed by a move toward its next key resistance at $0.0485. A successful breakout and hold above this level could confirm a bullish reversal for VET in the near term.
Conclusion
Both XDC and XLM have gained momentum after successfully breaking out of their falling wedge patterns, signaling potential bullish trends. Meanwhile, VET is showing signs of a similar setup, making it a cryptocurrency to watch for a potential breakout in the coming days.
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