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VeChain (VET) has staged a 50% recovery rally and is preparing for a trendline breakout as it nears $0.030.
With a market cap of $2.36 billion, VeChain has increased by 13.27% in the last 24 hours. With the newfound surge of buying pressure, the trading volumes have hit $130 million, a 42% rise in 24 hours.
As the broader crypto market continues its bull run, VeChain is positioning for an explosive trend. Let’s take a closer look at VeChain’s price action.
VeChain Eyes Trendline Breakout
On the daily chart, VeChain has experienced a V-shaped recovery, with a 50% price increase over the last 7 days. This rally has produced consecutive bullish candles and pushed the price above the 200-day Exponential Moving Average (EMA).
The bullish trend has also overcome the 38.20% Fibonacci level priced at $0.02795. Currently, it is trading at $0.02901 with an intraday gain of 1.75% from the opening price of $0.02845.
Furthermore, as the bull run concludes the prevailing pullback, the previous pullback VET price action reveals a falling wedge breakout run. With a boost in buying pressure, the uptrend is heading towards the next immediate resistance at 50% Fibonacci level. This psychological mark is priced at $0.03140.
With a boost in buying pressure, the 50-day, 100-day, and 200-day EMAs have all shown upward momentum. This increases the chances of positive crossovers regaining bullish alignment.
The MACD and signal lines have generated a bullish crossover, accompanied by an increase in positive histogram bars. These technical indicators suggest a shift in market sentiment towards the upside.
Will VeChain Price Cross $0.050?
A bullish breakout of the 50% Fibonacci level will likely prolong the bull run to the 78.60% level at $0.04161. VeChain’s 52-week high stands at $0.05499, just above the 100% Fibonacci retracement level at $0.05137.
If the broader crypto market continues its uptrend, VeChain’s price could potentially reach the 1.272 Fibonacci extension at $0.06714, indicating an upside target of 131%.