As volatility flows into the lower-cap altcoins, VeChain’s price exploded by 100% weekly and rallied hard to a new multi-month high after two years of trading in a bearish zone. It signals bullish and looks ready for a bull run.
After marking resistance near the $0.039 level during the late 2023 mini-bullish cycle, VET initiated a drop and corrected by almost 40% to the low of $0.025 in January. It bounced back and slowly climbed above the $0.030 level last weekend.
Trading volatility enhanced this week and the price exploded massively, surging through several resistance levels to reach the $0.05 level today.
This current bullish rally marks the second phase of the “Elliot’s Impulsive Wave pattern”, which is known as the third wave. This phase price range is targeted at the $0.07 – $0.1 zone before correcting lower into the fourth wave. After this, we can expect the fifth wave to rally above the mentioned zone.
However, it is noteworthy to say that the latest monthly breakout has led bulls back in the market as they fully gain dominance across the major timeframes. Technically, the market is out of the wood from a long-term perspective.
VET appears highly bullish on the daily chart with no sign of buying exhaustion yet. A drop from the current level could bring a slight retracement before resuming a bullish rally.
VET Key Levels to Watch
In the latest rally, VET has rejected the $0.050 level. If this level flips, the next target levels to consider as resistance are $0.055 and $0.06.
If a retracement occurs, the support levels to consider for a rebound would be $0.044 and $0.039. A broader retracement could slide the price to the $0.035 and $0.03 support levels.
Key Resistance Levels: $0.05, $0.055, $0.060
Key Support Levels: $0.044, $0.039, $0.035
- Spot Price: $0.049
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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