- VeChain (VET) has risen 11% in the past week, breaking key resistance levels after a low of $0.03841.
- VeChain broke out of a falling wedge formation and is testing the 200-period moving average, signaling upward potential.
- If momentum continues, VET could target $0.061, $0.069, and $0.079 in the near future.
VeChain (VET) has been making notable strides in the cryptocurrency market, showcasing impressive upward momentum. Over the past week, VET has surged nearly 11%, surpassing critical resistance levels and signaling a potential for further price gains. After recently hitting a low of $0.03841, VeChain has rebounded strongly, positioning itself for the next leg up.
The broader market sentiment has been equally positive, with Bitcoin driving a fresh wave of optimism. This optimism is spilling over into altcoins, with VeChain catching up as investor interest intensifies. As a result, VET is setting its sights on higher price targets, driven by the overall market’s positive price trajectory.
Currently, VeChain is priced at $0.051026, with a 24-hour trading volume of $219.57 million and a market capitalization of $4.13 billion. The coin has experienced a 4.73% increase in value over the last 24 hours. At this price level, VET commands a market dominance of 0.12%, indicating its growing prominence within the crypto space.
VeChain Breaks Falling Wedge, Targets $0.079
From a technical perspective, VeChain has recently broken out of a falling wedge formation, a bullish signal that suggests a potential trend reversal. The price is now testing the 200-period moving average (MA) on the 4-hour chart. This key resistance level is crucial for confirming whether the current breakout will hold.
If VeChain manages to break above this MA and sustain the upward momentum, the next price targets for VET could be $0.061, $0.069, and $0.079. These levels represent potential gains that could signal a continued positive trajectory for VeChain in the coming weeks.
With the overall market showing renewed optimism and VET showing strong technical signals, the stage is set for VeChain to continue its upward march, making it an altcoin to watch closely in the near future. As the market catches up with Bitcoin’s bullish movements, VeChain’s surge could be just beginning.
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