Technical Breakthroughs Signal Bright Future for VeChain and Bitcoin Cash: VET to Rally by 400%, BCH Eyes Next Price Level
Technical analysts are turning bullish on two major cryptocurrencies – VeChain (VET) and Bitcoin Cash (BCH) – as both tokens show signs of potential breakouts after years of consolidation.
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VeChain Eyes 400% Rally After Clearing Key Hurdles
According to @WorldOfCharts1, VET has broken through multiple critical resistance levels, setting the stage for a massive rally in the coming weeks. “VET recently breaks multiple resistances, multi-year descending trendline + horizontal resistance accumulation area and retested perfectly,” the analyst stated.
Moreover, VET has now breached a bullish flag pattern, which is frequently seen as a continuation signal after an initial uptrend. Besides, if the breakout is confirmed, @WorldOfCharts1 has an ambitious upside target of 484.08% gain for VET from current levels.
The chart reveals VET has respected long-term support levels over the years, suggesting a zone where buyers have consistently entered positions. Additionally, the bullish pennant pattern formed by VET’s price action adds conviction to the potential breakout thesis.
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Show more +Bitcoin Cash Uptrend Could Resume After Pullback
Meanwhile, Bitcoin Cash (BCH) investors have witnessed a commendable bullish performance following a classic ‘Bullish Pennant’ breakout. The asset confidently surpassed the $500 mark, soaring towards a $700 valuation, which aligned with the anticipated target for a 40% profit margin. However, the ascent encountered resistance at the $700 threshold, marking it as a repeated point where prices faced rejection.
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BCH is now eyeing the $600 support level as a potential springboard. This zone presents a tactical entry point for traders, with a rebound offering a 15% upside, potentially retesting the $700 resistance. Seasoned market participants would consider setting a Stop Loss at $560 to mitigate risk, positioning it just beneath the previous swing low. The landscape across timeframes is favorable, with a resilient uptrend noted short, medium, and long-term.
In terms of momentum, signals are giving mixed readings. The Moving Average Convergence Divergence paints a bearish picture with its line beneath the signal line. However, the Relative Strength Index (RSI) counters with a bullish sentiment, resting above 55. As traders monitor these indicators, the support following the $600 foothold is notably at $500, providing a cushion. On the ascent, after the $700 challenge, traders set their eyes on the $800 peak as the next frontier.
While no technical signal is infallible, the formations spotted by @WorldOfCharts1 and @AltFINS suggest crypto traders should keep VET and BCH on their radar for potential long opportunities in the coming sessions.
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