VeChain breaks through the falling wedge as it passes $0.020. Does this breakout rally have the potential to reach $0.031 as its price target?
Altcoins experience a rebound as Bitcoin surpasses $82k after the 90-day break in Donald Trump’s tariffs. VeChain signals a major breakout rally among the altcoins.
The overnight recovery was extended and the intraday surge continued. VET price Trend indicates that a falling wedge could be forming. Will the breakout rally push the price to $0.0031?
VeChain Token Price Analysis
VeChain’s daily chart price shows a breakout bullish from an old resistance trendline. This creates a falling wedge. VeChain’s price fell 75% from $0.078 down to $0.019.
This breakout was triggered by the recent price recovery of VET. Yesterday, it saw a 12.48 percent increase in its value. VeChain currently trades at $0.022 with a nearly 3% intraday gain.
Technical indicators indicate a bullish trend as the altcoin approaches a trend change. MACD lines and signal lines will soon provide a positive cross-over.
The daily RSI spiked up from oversold to almost halfway, indicating a decrease in the bearish momentum, and strengthening the likelihood of a bullish trend reversal.
VET Price Targets
VeChain has now surpassed the psychological $0.020 level. VeChain’s 78.60% Fibonacci Retracement Level is the likely target for VeChain based on Fibonacci levels.
This critical resistance level targets $0.031, representing an upside of approximately 45%. VeChain is likely to outperform other altcoins if the market stays stable or becomes optimistically bullish.
Analyst Signals trend reversal for VeChain Tokens, targets $0.074
Michael Van de Poppe is a cryptocurrency analyst who signals that VeChain’s bullish potential on higher time frames will be a strong reversal. This analyst suggests that VeChain’s psychological support level of $0.020 is a critical area.
VET’s current price, $0.022, reflects an upward trend from the key support.
The analyst noted in his tweet VeChain’s success at obtaining the MiCAR licence. The MiCAR license is the European Union’s regulatory framework for cryptocurrency assets and service provider. VeChain could see its VET price rise as the company overcomes the regulatory hurdles that are present in the European area.
A potential turn from higher timeframe resistance at $0.020 may target the swing high of $0.074.
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