The bullish potential in Vechain highlights a strong upside, with a breakout rally potentially reclaiming the $0.10 milestone.
With Bitcoin crossing into the $100,000 territory, altcoins are following through with the bullish trend. Vechain shows significant potential among the top performers after its 3.43% jump last night.
Buyers are targeting the next psychological milestone as the underlying dynamics turn bullish. Will the growing anticipation of a rally drive VET prices to $0.10?
Vechain Price Analysis
In the daily chart, the VET price action displays a pullback phase in motion. The pullback comes after the massive surge of November and early December 2024. This led to a more than 323% price surge, from $0.01890 to a peak of $0.080.
However, bullish exhaustion has pushed Vechain prices below the $0.050 psychological level. The VET price trend found crucial support near the $0.040 psychological level.
After stabilizing at this support level, buyers regained confidence, setting the stage for a potential recovery. Following a double-bottom reversal, VET has risen to its current price of $0.05201.
By reclaiming the 50-day and 20-day EMA lines, VET is now challenging the resistance at $0.05425. The positive alignment of the critical EMA lines strengthens the bullish outlook.
Furthermore, the recovery run last week, which saw a gain of more than 20%, has pushed the RSI above the halfway mark. As a result, the technical indicators maintain a positive outlook for Vechain.
VET Price Targets
The trend-based Fibonacci levels from the bull run show that the neckline is very close to the 23.60% Fibonacci retracement level at $0.05660. A bullish close above the immediate resistance levels could trigger the next rally.
A breakout above the 23.60% Fibonacci retracement level could pave the way to the 100% level at $0.10329. On the flip side, key support levels remain at $0.040, with the 200-day EMA at $0.03563.
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.
