Hedera, VeChain, and Algorand rose more than 10% on Tuesday after surging last week. HBAR, VET, and ALGO are hovering around key levels, suggesting further upside potential. The RSI for these three altcoins is well within overbought levels, increasing the likelihood of a corrective pullback.
Three trending altcoins – Hedera (HBAR), VeChain (VET), and Algorand (ALGO) – benefited from the recent strength in Bitcoin prices, posting double-digit gains on Tuesday after surging last week. did. Historically, whenever Bitcoin takes a breather after a big rally, altcoins have outperformed as profits shift to small-cap coins, as evidenced by the recent altcoin rally. The technical outlook suggests that although momentum indicators are at overbought levels, there is still momentum for the bulls to push these three meme coins towards further double-digit gains.
Hedera bulls aim for all-time high of $0.57
Hedera prices more than tripled in November. As of the beginning of this week, it is trading around $0.349, up more than 67% through Tuesday.
If HBAR continues its upward momentum, it could retest the all-time high (ATH) of $0.576 seen in November 2022.
The relative strength index (RSI) on the weekly chart is 89, above the overbought level of 70. Traders should be cautious as the possibility of a pullback in prices is increasing. Still, the RSI is still on the upside, so it is likely that the rally will continue and the indicator will remain above the overbought level.
HBAR/USDT weekly chart
Vechain price looks like 3-year high
Vechain price rose more than 40% by Tuesday, breaking through the weekly resistance level of $0.508 and trading around $0.066. If this uptrend continues, VET could retest the December 2021 high of $0.102. This would represent an additional 50% increase from current price levels.
VET's weekly RSI is at 79, well above overbought levels like HBAR, increasing the likelihood of a rebound.
VET/USDT weekly chart
Algorand price could rise further if it closes above $0.59
Algorand prices rebounded more than 70% last week after closing above weekly resistance at $0.274 on November 18th. It has extended its gains this week, rising 17.5% through Tuesday. The altcoin price is approaching a key technical resistance level at $0.591, which is the 50% price retracement level from the February high of $1.10 to the August low of $0.081.
If ALGO closes above this level, the rally could extend by 35% and retest the $0.803 monthly resistance level.
Similar to HBAR and VET, ALGO's weekly RSI indicator is trading well above overbought levels. Traders should be careful when adding to long positions as there is an increasing likelihood that the price will fall.
ALGO/USDT weekly chart
