The crypto market posted a bullish week, but DOGE, ADA and VET could still post losses as the weekend approaches
The crypto market experienced a positive week in which Bitcoin climbed back above the $29,000 region, reaching the $32,000 mark. Ether also performed well, surpassing the $2,000 mark after falling below $1,700 in recent days.
Of the three cryptocurrencies we cover in this article, Dogecoin is the biggest winner this week with a price increase of more than 6%. Cardano and VeChain rose less than 1% last week. However, these cryptocurrencies look bearish again over the weekend, even as the recent market rally cools.
ADA Price Outlook
ADA remains the fifth largest cryptocurrency in terms of market cap and hasn’t done very well this week. The ADA/USD 4-hour chart currently shows a declining picture, although the price has risen by 0.45% in the last 24 hours.
ADA/USD 4-hour price chart. Source: Coinalyze
Should there be a market-wide rally, ADA could overcome resistance at $1.212 over the weekend. An extended rally could even bring the first major resistance at $1.281 into focus. However, should the market continue its downward trend, ADA risks losing the $1.14 support level. The $1.03 support level should be able to limit a possible negative trend unless there is a massive sell-off from the broader market.
DOGE Price Outlook
DOGE is the biggest winner of this week with a price increase of over 6% last week. Should the bullish momentum continue over the weekend, the DOGE/USD trading pair could cross the $0.20 mark and target the first major resistance at the $0.30 mark. DOGE could exceed the $0.35 region in the event of a sustained market recovery.
DOGE/USD 4-hour price chart. Source: Coinalyze
However, it is currently down about 1% and should this downward trend continue, DOGE could lose support at $0.18 again. A sustained sell-off in the market could even drop DOGE to its weekly low of $0.1599. However, it should be able to defend the $0.16 support area unless bearish sentiment in the market intensifies.
VET price outlook
VeChain has also not performed very well this week, despite the rally of the broader crypto market. The 4-hour chart of VET/USD is currently declining, suggesting that the cryptocurrency could suffer further losses over the weekend.
VET/USD 4-hour price chart. Source: Coinalyze
Unless there is a market recovery, VET could fall to the $0.60 mark in the coming hours. However, the cryptocurrency should be able to comfortably defend the $0.57 support level unless there is a prolonged sell-off.
However, the first major resistance point at $0.072 would come into focus if VET could reverse the trend. However, the resistance level above $0.078 would make a further rise quite difficult unless there is a sustained market recovery.
Sarah has been working in the field of crypto news for several years. She writes as a freelance author for various trade magazines on blockchain, bitcoin and altcoins. She also has a professional background in finance with a focus on investment and new forms of financing.