VeChain (VET) has staged a 50% recovery rally and is preparing for a trendline breakout as it nears $0.030.
With a market cap of $2.36 billion, VeChain has increased by 13.27% in the last 24 hours. With the newfound surge of buying pressure, the trading volumes have hit $130 million, a 42% rise in 24 hours.
As the broader crypto market continues its bull run, VeChain is positioning for an explosive trend. Let’s take a closer look at VeChain’s price action.
VeChain Eyes Trendline Breakout
On the daily chart, VeChain has experienced a V-shaped recovery, with a 50% price increase over the last 7 days. This rally has produced consecutive bullish candles and pushed the price above the 200-day Exponential Moving Average (EMA).
The bullish trend has also overcome the 38.20% Fibonacci level priced at $0.02795. Currently, it is trading at $0.02901 with an intraday gain of 1.75% from the opening price of $0.02845.
Furthermore, as the bull run concludes the prevailing pullback, the previous pullback VET price action reveals a falling wedge breakout run. With a boost in buying pressure, the uptrend is heading towards the next immediate resistance at 50% Fibonacci level. This psychological mark is priced at $0.03140.
With a boost in buying pressure, the 50-day, 100-day, and 200-day EMAs have all shown upward momentum. This increases the chances of positive crossovers regaining bullish alignment.
The MACD and signal lines have generated a bullish crossover, accompanied by an increase in positive histogram bars. These technical indicators suggest a shift in market sentiment towards the upside.
Will VeChain Price Cross $0.050?
A bullish breakout of the 50% Fibonacci level will likely prolong the bull run to the 78.60% level at $0.04161. VeChain’s 52-week high stands at $0.05499, just above the 100% Fibonacci retracement level at $0.05137.
If the broader crypto market continues its uptrend, VeChain’s price could potentially reach the 1.272 Fibonacci extension at $0.06714, indicating an upside target of 131%.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.