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With a bullish breakout on the weekly chart, is VeChain ready to hit the $0.15 mark as analysts highlight a flag breakout in the short term?
On the weekly chart, VeChain’s price action shows a massive recovery rally at play. The bullish recovery has created three consecutive green candles, overcoming the long-coming resistance trendline. This marks a price jump of 145% within 21 days.
Currently, the $VET token trades at a $0.04325 market price with an intraday pullback. Will the bull run in VeChain march forward to reclaim the $0.10 psychological mark?
VeChain Bull Run Crosses $0.040
Starting from $0.018 on November 3, $VET’s bull run has peaked at $0.04727. However, the bull momentum failed to surpass the $0.050 psychological mark before witnessing a pullback.
The trendline breakout rally, combined with the triple white-soldiers pattern, marks the end of the pullback phase. However, the trendline breakout rally failed to sustain above the 23.60% Fibonacci level, priced at $0.04474, resulting in the 6.16% pullback today.
Meanwhile, the increased demand for $VET has resulted in an uptick in the 50-week EMA line, creating a golden crossover. Furthermore, the MACD and signal lines have surged higher with the resurgence of positive instruments. Hence, the technical indicators maintain a buy signal for VeChain.
Analyst Predicts Flag Breakout Rally to $0.056
With three consecutive bullish weeks, the trend reversal in VeChain shows strong bullish price action on a larger timeframe. In a recent X post, crypto analyst Ali Martinez highlighted a breakout rally in VeChain that could change the short-term dynamics.
Martinez’s analysis highlights a bullish flag breakout, with $VET surpassing the 78.60% Fibonacci level at $0.043. The price action analysis is done in the 1-hour timeframe and suggests the uptrend continuation to $0.056. This marks a potential 30% upside in the near-term trend.
Conversely, the crucial supports based on Martinez’s analysis are at $0.043 and $0.040.
VeChain Price Targets in the Weekly Chart
With the reversal rally failing to surpass the neckline at the 23.60% Fibonacci level, the change of trend character is yet to occur in $VET price action. The intraday pullback increases the possibility of the broken trendline retest.
Nevertheless, the bulls will likely regain control after the retest phase to re-challenge the Fibonacci neckline. In case of a bullish breakout, the upside price targets are at $0.087 and $0.15. Hence, the Fibonacci levels give an upside projection of more than 250% of the current market price.
On the flip side, the retest at $0.033 could result in a bearish continuation to the 50-week EMA at $0.028.