This summary text is fully AI-generated and may therefore contain errors or be incomplete.
VeChain (VET) experienced a surge in buying activity as it broke above the resistance level of $0.023. However, sustaining these higher levels has proven challenging, as indicated by the long wick on the candlestick. Sellers are attempting to trap aggressive bulls and pull the price back to the 20-day EMA ($0.021). A rebound from this level would suggest a positive sentiment and encourage bulls to overcome the obstacle at $0.023. If successful, the VET/USDT pair could rise to $0.027 and potentially reach the pattern target of $0.031. On the other hand, if bears push the price below the 20-day EMA, it may indicate a prolonged consolidation between $0.014 and $0.023. The pair has slipped below the breakout level of $0.023, suggesting continued selling pressure from bears. The next important level to monitor is the 20-EMA. A rebound from this level would prompt bulls to make another attempt at breaking above $0.023 and initiating the next leg of the rally towards $0.027. Conversely, a break below the 20-EMA could trigger a deeper correction to $0.020.Algorand (ALGO) reached the overhead resistance of $0.14, where bears are expected to defend. If the bulls can hold their ground near the current level, it would indicate traders’ confidence in a potential upward move. This increases the likelihood of a rally above the $0.14-$0.15 resistance zone, completing a cup-and-handle pattern with a target of $0.20. However, bears aiming to prevent the up-move must push the price below the critical support at $0.12. If successful, the pair may decline to $0.11 and potentially $0.09. The 4-hour chart shows that the pair has been oscillating within the $0.12 to $0.15 range for some time. In such situations, traders typically buy near support and sell near resistance. The direction of the breakout is difficult to predict, so traders may consider waiting for a clear breakout before making significant trades. If the price breaks above $0.15, the pair is likely to start the next leg of the up-move, targeting $0.18 and then $0.20. However, this bullish view would be invalidated if the price turns down and falls below $0.12.Please note that this summary is not investment advice or a recommendation. It is important for readers to conduct their own research and exercise caution when making investment decisions.