invezz.com
#VeChain$VET appears to break out from a bull flag, which suggests a 30% price surge to $0.056!
1:20 am · 25 Nov 2024
VeChain (VET), the enterprise-grade layer-1 smart contract platform, is one of the top performers this past month with 88% gains.
The bullish momentum that pushed VET higher amid broader market upside had bulls retesting levels above $0.045 for the first time since April.
The uptick benefitted from the Trump trade sentiment after Donald Trump’s win in the 2024 US presidential election.
VET’s recovery began on November 5, with buyers flipping the downtrend that had seen bears dominate since the VeChain price reached its year-to-date highs in March.
Despite Bitcoin’s pullback over the past week that has seen most altcoins trend lower, VET price has gained 6% in the past 24 hours to maintain the bullish outlook.
As data from CoinGecko shows, the VeChain token looks to have declined at the eight-month highs.
Currently, the supply chain related token trades at $0.041, up more than 90% since trading around $0.001917 in March 2020.
VET’s current value is over 2,055% since that all-time low.
VET token price
VeChain rallied to its all-time high of $0.28 in April 2021, more than three years ago.
But while overall market pushed price to above $0.051 in March, bulls have struggled to recapture the level.
BTC’s surge to near $100k and potential rebound suggests VeChain could follow suit.
The technical outlook indicates a recovery may be in the offing, with VET/USD likely to retest $0.050 and higher.
“VeChain $VET appears to break out from a bull flag, which suggests a 30% price surge to $0.056!” crypto analyst Ali Martinez shared on X.
The analyst points to VeChain’s bull flag pattern formation.
VET reaching highs above $0.05 will mean bulls are less than 5x off the ATH.
Given VeChain’s breakout from the downtrend line, a retest provides a chance for bulls to establish a new support level.
With cryptocurrencies doing 10x or more, a rebound from current prices would give buyers the upper hand to target $0.10.
The Relative Strength Index (RSI) on the weekly chart for VET was 63.09 at the time of writing, bouncing off the overbought line.
The retreat off the threshold comes as BTC retraced to under $92k to pull altcoins lower.
VET/USD weekly price chart. Source: TradingView
However, while this indicates immediate term profit taking risk, sentiment remains bullish.
The Moving Average Divergence Convergence (MACD) indicator on the weekly time frame has the histogram expanding to suggest rising momentum.
The signal line recently posted a bullish crossover as the VeChain price rose alongside the broader market.
The post VeChain surges as bulls target retest of 8-month high appeared first on Invezz