VeChain (VET) price is on the verge of major push for a breakout from a long-term downtrend. VET is down -10.34% in the last 24 hours and gains 7.92% in the last 7 days, trading at $0.04785 at press time.
The circulating supply amount of 81 billion VET has currently given a market capitalization of $3.87 billion and daily trading volume of $99.8 million.
The recent breakout from a descending trendline has thrown the sort of optimism that analysts are now anticipating a return to $0.25315, mark that implies a 372% rally from current levels.
VeChain Price Bullish Breakout and Volume Support Recovery
VeChain recently completed a breakout above its descending trendline, confirming the reversal of its prolonged bearish structure. According to crypto analyst Javon Marks,
“VET recently put on a significant show, climbing over 300% in a month’s time, but is still positioned to put on an even greater one!”
After the breakout, VeChain price has traded above the breakout zone indicating it is at a key bullish area.
Soaking in the volume on the breakout shows big spike, which indicates robust moocipralitity and investor confidence.
– Advertisement –
According to analysts, VET might ride out this zone and takes gains towards the $0.10 milestone, with a long-term target of $0.25315.
Technical Indicators Suggest Consolidation Phase
VeChain price is still in a consolidation phase according to technical analysis. The ADX at 22.30 shows no trend strength, the weak strength reflected by the Directional Movement Index (DMI).
The +DI (16.93) is a little below the -DI (19.63) but this indicates a minor bearish bias.
Meanwhile, the Relative Strength Index (RSI) is at 47.84, reflecting neutral to slightly bearish momentum.
If the RSI rebounds above the 50 level, it could confirm renewed buying interest. Traders are monitoring resistance at $0.10 and support near $0.045 for further directional clues.
Market and Macro Factors Driving VET’s Rally
VeChain’s recent run comes as Bitcoin (BTC) climbs above $100,000, signalling a resurgence on the broader market.
In December, the crypto market took a hit as US inflation was up to 2.7% and the Federal Reserve faced hawkish stance.
Even though this may be the case, VeChain has displayed resilience and trounced many altcoins on their rebound.
The anticipation of the inauguration of President-elect Donald Trump on January 20, 2025 should also increase confidence in VET’s performance.
Trump’s pro-crypto stance has historically boosted investor confidence, and market participants are anticipating further rallies across the crypto sector following his inauguration.
VeChain breakout confirmed, bullish momentum gathering pace so keep an eye on this one in coming months.
The next critical resistance is $0.10. If the market recovers, the long term target remains at $0.253 15.
