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Bitcoin’s recent surge above $82K, following a 90-day pause in Donald Trump’s tariffs, has reignited the altcoin market, with VeChain (VET) making notable strides. Amid the recovery of altcoins, VeChain is showing strong signs of a breakout rally, with its price action on the daily chart signaling a falling wedge formation. Could this trend drive VeChain’s price to $0.031?
VeChain Price Analysis: Bullish Breakout in Play
VeChain has demonstrated a significant recovery from a 75% decline, which saw its price plummet from $0.078 to $0.019. This recent recovery, marked by a 12.48% surge in one day, has pushed VET above a long-standing resistance trendline, initiating a potential falling wedge breakout. Currently trading at $0.022, VeChain is also seeing a near 3% intraday rebound.
Technical indicators are aligning for a bullish trend. The Moving Average Convergence Divergence (MACD) is on the cusp of a positive crossover, while the Relative Strength Index (RSI) has surged from oversold levels, signaling a decrease in bearish momentum. These factors suggest a potential trend reversal and the possibility of a rally in the near term.
VET Price Targets: Aiming for $0.031
With the breakout from the $0.020 psychological level, VeChain is poised to challenge the 78.60% Fibonacci retracement level, which sets its next target at $0.031. This represents a 45% upside potential, positioning VeChain to potentially outperform many top altcoins if market conditions remain stable or bullish.
Analysts Predict Higher Gains for VeChain
Crypto analyst Michael Van de Poppe sees the breakout as a signal for strong bullish prospects. He highlights $0.020 as a crucial support zone, with VET’s price recovery from this level supporting further upward momentum. Additionally, VeChain’s recent achievement of the MiCAR license, a major regulatory milestone in the European Union, could drive increased adoption, further boosting VET’s price.
With a potential target of $0.074 on the higher timeframe, VeChain’s bullish outlook remains intact as it continues to show strong technical and fundamental growth signals.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: VeChain Unveils VeBetterDAO Visa Card: Incentivizing Sustainable Spending with B3TR Tokens
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
