The cryptocurrency market is buzzing as VeChain (VET) shows signs of a significant trend reversal. The weekly price chart highlights a breakout rally that has breached the crucial $0.050 psychological level, signaling bullish momentum. This raises the pressing question: Can VET reclaim the coveted $0.10 mark? Let’s dive into the details of the recent VET price action and technical indicators.
VET Price Action – Breaking Long-Term Resistance
For over two years, VET’s bullish growth has been constrained by a persistent resistance trendline that emerged following the 2021 bull market peak. This downtrend saw VET tumble to a low of $0.01317 in June 2023. However, the tide began to turn as VET formed higher lows, creating a support trendline that completed a symmetrical triangle pattern.
Since November 5, VET has staged a remarkable comeback. The price surged from $0.018 to $0.066, marking an impressive 256% rally. This rally broke past the 23.60% Fibonacci retracement level at $0.045, setting a new 52-week high of $0.070. With five consecutive bullish weekly candles, the trend suggests an uptrend continuation is on the horizon.
VeChain Technical Indicators – A Bullish Outlook
The technical landscape reinforces optimism for VET’s price trajectory. A critical development is the impending golden crossover, with the 50-week EMA approaching a merger with the 200-week EMA. Historically, such crossovers have signaled prolonged bullish phases.
Additionally, the MACD indicator underscores the growing bullish sentiment. The MACD and signal lines are now aligned positively, accompanied by resurgent bullish histograms. This momentum bolsters confidence in the rally’s sustainability.
Price Targets: How High Can VET Go?
Looking ahead, trend-based Fibonacci projections place VET’s next significant price target at $0.1846. Achieving this milestone could pave the way for a new all-time high, potentially surpassing $0.2823. On the downside, the $0.050 level is expected to serve as a robust support zone, offering a safety net against potential pullbacks.
Will VET Reclaim $0.10?
The current breakout rally positions VET favorably to retest and potentially reclaim the $0.10 psychological level. With robust technical indicators and growing market confidence, the odds are stacked in favor of continued upward momentum. However, investors should remain cautious and monitor market conditions closely.
As VeChain continues to strengthen its position, the coming weeks will be crucial in determining whether it can surpass key resistance levels and realize its bullish potential. For now, the crypto community watches with anticipation as VET charts its path toward new highs.
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.
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