In the weekly chart, the VET price action showcases a massive breakout rally at play. This also marks a trend-reversal rally, gaining momentum as it surpasses the $0.050 psychological mark.
With the new bullish rally at play, will the VET prices reclaim the $0.10 psychological mark? Let’s find out in our recent VET price action analysis.
VET Price Analysis
In the weekly chart, the VET price action showcases a long-coming resistance trendline, keeping the bullish growth under check. This resistance trendline started as the 2021 bull market started to lose momentum.
During this, the VET price fell to a low of $0.01317 in June 2023. However, since then, the VET price action has started to form a higher low formation, resulting in a support trendline. Therefore, the VET price movement has given rise to a symmetrical triangle pattern.
In the recent bullish turnaround, the price surge from Nov. 5 resulted in a 256% rally. Starting from $0.018, the VET price has reached the current market price of $0.066.
This has resulted in five consecutive bullish candles and surpassed the 23.60% Fibonacci level at $0.045. Further, it results in a new 52-week high at $0.070 and increases the chances of an uptrend continuation.
VeChain Technicals and Price Targets
The bullish turnaround has resulted in a merger between the 50- and 200-week EMA lines, which increases the possibility of a golden crossover. Furthermore, the MACD and signal lines have regained a positive alignment with the bullish histograms resurfacing. Hence, the technical indicators project a bullish extension of the VET rally.
Based on the trend-based Fibonacci levels, the upside price target for VeChain stands at $0.1846, which could result in a new all-time high beyond $0.2823. On the flip side, the $0.050 will likely remain a strong support.
Read More: VeChain Price Prediction: Will VET Price Hit $0.50?
FAQs
The next price targets are $0.10 and $0.1846, based on Fibonacci levels.
The $0.050 level is a strong support for VeChain’s price.
Yes, VeChain could potentially hit a new all-time high beyond $0.2823 if the bullish trend continues.
