The cryptocurrency market recorded a bullish week, but DOGE, ADA, and VET could record losses as the weekend approaches
The cryptocurrency market enjoyed a positive week, with Bitcoin climbing above the $29k region to reach the $32k mark. Ether also performed well, crossing the $2k mark after dropping below $1,700 over the past few days.
Of the three cryptocurrencies we’ll look at in this article, Dogecoin is the biggest winner this week, with its price rising by over 6%. Cardano and VeChain are up by less than 1% over the past week. However, as we head into the weekend, the cryptocurrencies are looking bearish, with the recent market rally cooling off.
ADA price outlook
ADA remains the fifth-largest crypto by market cap, and didn’t perform well this week. The ADA/USD 4-hour chart is looking bearish at the moment, despite the price rising by 0.45% in the past 24 hours.
ADA/USD 4-hour chart. Source: Coinalyze
If there is a market-wide rally, ADA could break past the resistance point at $1.212 this weekend. An extended rally could bring the first major resistance point of $1.281 into focus. However, if the market continues in its bearish trend, then ADA risks losing the $1.14 support level. The support level at $1.03 should limit any downside unless there is a massive sell-off from the broader market.
DOGE price outlook
DOGE is the biggest winner this week, with its price rallying by over 6% in the past week. If it can maintain the bullish momentum over the weekend, then the DOGE/USD pair could cross the $0.20 mark and head towards the first major resistance point at $0.30. In the event of an extended market rally, DOGE could look to surpass the $0.35 region.
DOGE/USD 4-hour chart. Source: Coinalyze
However, it is down by around 1% at the moment, and if the bearish trend continues, DOGE could lose the $0.18 support. An extended market sell-off could see DOGE slip to its weekly low of $0.1599. However, it should be able to defend the $0.16 support region unless the bearish sentiment in the market grows stronger.
VET price outlook
VeChain didn’t perform well this week despite the rally from the broader cryptocurrency market. The VET/USD 4-hour chart is currently bearish, indicating that the cryptocurrency could experience further losses over the weekend.
VET/USD 4-hour chart. Source: Coinalyze
VET could drop to the $0.60 level over the coming hours unless there is a market rally. The cryptocurrency should be able to defend the support level at $0.57 unless there is an extended sell-off.
However, if VET turns things around, the first major resistance point at $0.072 will come into focus. The resistance level above $0.078 should limit further upside unless there is an extended market rally.
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Author: Hassan Maishera