VET price recovers $0.030. This signals the potential for a breakout rally towards $0.060. Open interest data for derivatives shows that there is a bullish trend, as it has increased by 5.75%.
Top coins are rallying, increasing the crypto market cap to $3.44 trillion. VeChain This massive rise of 8.58% surpasses the 200-day EMA. VeChain’s bullish return hints at an inverted head and shoulders pattern that could target a rise above $0.060.
VeChain Price Analysis
VeChain’s daily chart displays a head-andshoulders inverted pattern that is bullish, the neckline being near $0.0327. The key resistance level is the Fibonacci 23.60% level.
VeChain has formed its third consecutive candle after the breakout of 200-day EMA. The VET token is currently trading at $0.030 and has regained this psychological level.
The daily RSI crosses the 14-day SMA and bounces back off of the half mark as the trend gains strength.
VeChain has significant growth potential with the RSI line pointing up. The 200-day EMA’s breakout also increases the probability of an upward trend in the 50 and 100 day EMA lines. This could lead to a crossover.
Fibonacci Levels suggest that a pattern breakout will most likely exceed the Fibonacci level of 61.80% at $0.055. The estimate comes from adding the depth of the pattern to the break-out point. This suggests an 88% rise to $0.061.
If the altcoin does not break through the Fibonacci 23.60% level, a retest at the 50-day EMA of $0.027 may occur.
VET Derivatives Supports Bullish Bias
VeChain’s derivatives market has seen a major boost amid the recent surge of bullish pressure. The open interest has risen by 5.75 %, to $86.47 millions. The funding rate is also stable at 0.010%. This indicates a consistent bullish intention.
Binance traders who bet on VeChain are surprised by the price increase. CoinGlass statistics show that according to 64% Binance traders trading perpetual VET USDT contracts, the altcoin is a bull.
Based on these accounts, this represents a ratio of 1,82. This overall bullish trend could lead to a VeChain rally driven by leverage.
Even though the risk of losing money on short positions is high, it can be counterproductive to long-bias.
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Source: thecryptobasic.com
