BCH and VET have gained double digits while ADA bulls eye a cut above a large barrier
Bitcoin Cash (BCH), Cardano (ADA) and VeChain (VET) are all facing major overhead resistances as bulls try to reach new heights.
In writing, all these coins are trading in the green though. The increase follows in the footsteps of Bitcoin (BTC) which has climbed back above $ 37,000 and Ethereum (ETH), which has broken above a large resistance line and is likely to see a new high at all times.
Here is the short-term outlook for BCH, ADA and VET:
BCH / USD
Bitcoin Cash has run into upside resistance after surging from lows of $ 479 to peaks of $ 530. Although significantly lower compared to the current year’s highs of $ 630, the uptrend could see bulls targeting r zone with cut-out.
The encouraging sign for BCH bulls is that the market has aggressively bought the last dip. If buyers can thus push prices above $ 530 and maintain weights near $ 580, the next step could include the reload zone near $ 630.
BCH / USD daily chart. Source: TradingView
The RSI maintains a positive diversion as it attempts to delve into over-thought territory. Meanwhile, the 20-SMA and 50-SMA curves are also upward suggesting a bullish trend.
If bulls reach $ 630, the next big target will be $ 800.
On the downside, a recession below the trend could see BCH / USD decline to the 20-SMA ($ 462) followed by 50-SMA ($ 366).
ADA / USD
Cardano has lagged a bit and is currently trading around $ 0.36 on most major exchanges. There is a hint of bearish Doji on the 1-day chart, which could suggest further losses. However, the ADA / USD pair remains above a short-term downtrend line. As long as the price does not fall below the rising trend hotline, bulls will remain in control.
In this case, prices could rebound the overhead resistance line at $ 0.40, with a clear cut opening upside to $ 0.45 and $ 0.50.
ADA / USD daily chart. Source: TradingView
The daily RSI is near the overbought zone and MACD in the bullish zone also supports the short-term positive outlook.
Conversely, a cut below the trend line could see sellers targeting prices below $ 0.30 and the 50-SMA ($ 0.20).
VET / USD
Bears protect earnings below a key price level that are also being tracked by bulls. With its current price around $ 0.030, VET / USD is within reach of the critical resistance line of $ 0.031.
Despite bears attention, bulls look focused on cutting above the horizontal trend line of a newly formed ascending triangle pattern on the daily chart.
VET / USD daily chart. Source: TradingView
If buy-side action pushes VET past the $ 0.031 barrier, bulls can extend their upside advantage to $ 0.040. From here, buyers can target $ 0.043 and then $ 0.050.
At the disadvantage, short positions around the 20-SMA ($ 0.025) and 50-SMA ($ 0.020) will interest bears.