The cryptocurrency market is showing signs of recovery, driven by Ethereum (ETH), which rose 9% in one week and surpassed $2,050. This positive scenario has helped several altcoins regain ground, including Avalanche (AVAX) and VeChain (VET), which are displaying optimistic technical patterns.
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AVAX surges after breaking the descending wedge 🚀
The $AVAX has surpassed a crucial technical resistance by breaking a descending wedge, a pattern historically considered bullish. This breakout occurred in the region of $19.20, and the asset is already trading near $21.46, testing the resistance of the 50-day moving average (MA50).
If this upward trend continues and AVAX manages to break through this barrier, the next technical targets include $26.93 and, subsequently, $36.22, representing an appreciation of up to 66% relative to the current price. The MACD indicator reinforces this optimistic outlook, as its line has crossed above the signal line, a classic pattern of positive momentum.
Will VET follow the same path?
VeChain (VET) is displaying a pattern similar to AVAX before its breakout. The asset has been trading within a descending wedge since its peak of $0.036 in early December. Recently, $VET found support near $0.020 and is now trying to regain ground, trading around $0.026.
If a confirmed breakout occurs, the next resistance levels are at the MA50 at $0.029 and in the range of $0.036. If buying momentum increases, the $VET may target $0.049, which would represent a potential increase of 90% relative to the current price. Just like in AVAX, VET's MACD is starting to suggest a trend reversal, indicating that investor sentiment may be changing to optimistic.
Is the market ready for another rally? ⚡
With AVAX already breaking an important resistance and VET approaching a possible breakout, the moment is one of attention for traders and investors. However, the confirmation of the trend will depend on factors such as the performance of Ethereum (ETH) and the crypto market as a whole.
Do you believe that VET will be able to replicate AVAX's performance? Leave your opinion in the comments! And don't forget to follow for more updates on the cryptocurrency market! 🔥📊
Let's discuss! What is your prediction for AVAX and VET in the coming weeks?
Source: CoinsProbe
Warning: This content is not an investment recommendation. Conduct your own research and be well-informed before making any decisions.