On the back of Bitcoin and Ethereum’s upward price trajectory, altcoins also surged considerably.
Cardano rose by 12.2% and was inching close to its overhead price ceiling of $2.79. SUSHI recorded significant recovery by going up by 12.8% on the charts, trading above its one-week low. Finally, VET hiked by 11.6% and if it successfully topples its overhead resistance, it could trade near its multi-month high of $0.140.
Cardano [ADA]
ADA/USD, TradingView
Cardano surged by 12.2% over the last 24 hours. The altcoin was priced at $2.60 and was eyeing its immediate overhead resistance of $2.79. Toppling the aforementioned price level would make ADA trade above its weekly low. Additional resistance was at its multi-month high of $3.04.
Technicals signaled price recovery. The altcoin’s price climbed just above its four-hour 20 SMA. indicating that momentum was in favor of the buyers. In accordance with the same reading, Relative Strength Index climbed up from the oversold zone and was positioned on the mid-line.
MACD flashed green histograms. Parabolic SAR displayed dotted lines below the candlesticks, suggesting an uptrend.
On the flip side, the immediate support lay at a two-week low of $2.20 and then at its four-week low of $1.72.
SushiSwap [SUSHI]
SUSHI/USD, TradingView
SUSHI hiked by 12.8% and was priced at $11.50. At this price level, SUSHI was trading above its one-week low. On rising further above, the alt would topple $12.58 and revisit its multi-month high of $14.62.
MACD receded over the past few trading sessions and flashed a green histogram. Awesome Oscillator also pictured green signal bars. Relative Strength Index, however, remained below the midline at the 40-mark, suggesting that buying pressure was still low.
If buying pressure continues to remain low, then SUSHI could fall to $11.17 and then to its one-month low of 10.11.
VeChain [VET]
VET/USD, TradingView
VET appreciated by 11.6% in 24 hours and was available for $0.123. The immediate resistance was at $0.127. Toppling the $0.127 price level would push VET to trade over the one-week low price level of $0.140.
Parameters pointed to recovery in the market. MACD’s red histograms declined and it was approaching a bullish crossover. Awesome Oscillator presented green signal bars. Chaikin Money Flow, however, remained below the half-line as capital inflows remained low.
In the event of VET dipping, the first resistance lay at $0.115 and then at its one-month low of $0.103.
