VET Opens Way For New Yearly Highs Following Significant Momentum-Induced Rally

A Cheeky Crypto YouTube channel host has identified a bullish structure on VET, the native token of the VeChain blockchain. In a recently uploaded video, the host showed VET to have over-extended a target area in a wave structure.

According to the host, VET confirmed its bullish movement by breaching the $0.04152 to $0.04638 crucial region. He noted that, by extending to $0.05186, VET has opened the way for higher targets of at least $0.05711 in a short while.

Meanwhile, the host observed a developing momentum reset on the VET daily chart as the token’s price appeared to enter the overbought territory. However, he used historical data to show that the price momentum can stay in the overbought region for an extended period. For instance, a price rally at the end of last year saw VET’s momentum indicator stay overbought from August 2023 until January 2024.

Looking at the daily VET/USD chart, the technical analyst noted that this current rally started on January 23, 2024. He clarified the rally had reached the 5th wave target area in a macrostructure between $0.043 and $0.052. However, he noted some remaining momentum in the current move that could push VET to the ultimate 5th wave target between $0.05427 and $0.05917.

Although further movement to higher levels looks complicated for VET, the analyst does not rule out the possibility of that happening, considering the current market conditions. From his projection, the blockchain token could push higher toward $0.06379, with an upper limit of $0.06927.

VET traded for $0.05021 at the time of writing, having gained nearly 5% this morning, according to data from TradingView. The latest rally saw the price establish a daily resistance at $0.05513, a break above which could see VET push further towards the levels identified by the host.