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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 03, 2024 09:59 UTC
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VET Price Hits 52-Week High With Triangle Break, Targets $0.18
Symmetrical Triangle Breakout: VET’s price broke a long-term resistance trendline, forming a bullish rally after a 256% surge since Nov. 5.
Key Indicators Turn Bullish: The MACD shows positive alignment, with bullish histograms and a potential golden crossover between the 50- and 200-week EMAs.
Fibonacci Levels Suggest Growth: Fibonacci analysis highlights $0.1846 as the next key target, with $0.050 acting as strong support.
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.
Yes 
No 
