Vechain (VET) is showing remarkable bullish potential, hinting at a possible rally to reclaim the $0.10 milestone. With Bitcoin breaking into six figures, altcoins like Vechain are following suit, gaining momentum.
Can VET sustain this recovery and push past the resistance levels to hit $0.10?
Momentum
Vechain has caught attention after a 3.43% surge in the past 24 hours. Buyers are now aiming for the psychological barrier of $0.10, signaling a growing anticipation for further gains.
The current recovery phase builds on solid fundamentals and market dynamics, reinforcing a bullish sentiment.
Analysis
Recent Price Action
On the daily chart, VET experienced a significant pullback following an impressive rally between November and early December 2024. During this time, VET surged over 323%, climbing from $0.01890 to a peak of $0.080.
However, this rally faced exhaustion, causing prices to dip below the critical $0.050 level.
Support emerged near the $0.040 psychological level, providing a foundation for recovery. A double-bottom reversal pattern has since pushed VET to $0.05201, reigniting buyer confidence.
Indicators
- EMA Alignment: VET has reclaimed the 50-day and 20-day EMA lines, signaling a bullish recovery.
- RSI: The Relative Strength Index (RSI) has crossed above the midpoint, reflecting growing bullish momentum.
The confluence of these technical indicators suggests a positive outlook, with the potential for VET to continue its upward trajectory.
Price Targets
Using trend-based Fibonacci retracement levels, VET is nearing a critical juncture:
- Immediate Resistance: $0.05660, near the 23.60% Fibonacci retracement level. A breakout here could confirm the next leg of the rally.
- Major Target: $0.10329, aligning with the 100% Fibonacci retracement level, marking a psychological milestone.
Support Levels
On the downside, key support remains intact:
- $0.040: Strong psychological support.
- 200-Day EMA: Positioned at $0.03563, serving as a crucial safety net for bulls.
| Level | Price ($) | Significance |
|---|---|---|
| Resistance | 0.05660 | 23.60% Fibonacci level |
| Resistance | 0.10329 | 100% Fibonacci target |
| Support | 0.040 | Psychological support |
| Support | 0.03563 | 200-day EMA level |
Vechain is on the verge of a breakout, with buyers eyeing the $0.10 mark. A bullish close above $0.05660 could set the stage for an extended rally.
However, traders should watch support levels and EMA alignments to gauge the sustainability of the upward momentum. If the breakout occurs, VET could achieve its ambitious $0.10 target sooner than anticipated.
