Vechain Analysis: Can VET Reach $0.10 With $0.056 Breakout?

The bullish potential in Vechain highlights a strong upside, with a breakout rally potentially reclaiming the $0.10 milestone.

With Bitcoin crossing into the $100,000 territory, altcoins are following through with the bullish trend. Vechain shows significant potential among the top performers after its 3.43% jump last night.

Buyers are targeting the next psychological milestone as the underlying dynamics turn bullish. Will the growing anticipation of a rally drive VET prices to $0.10?

Vechain Price Analysis

In the daily chart, the VET price action displays a pullback phase in motion. The pullback comes after the massive surge of November and early December 2024. This led to a more than 323% price surge, from $0.01890 to a peak of $0.080.

Vechain Price Chart

However, bullish exhaustion has pushed Vechain prices below the $0.050 psychological level. The VET price trend found crucial support near the $0.040 psychological level.

After stabilizing at this support level, buyers regained confidence, setting the stage for a potential recovery. Following a double-bottom reversal, VET has risen to its current price of $0.05201.

By reclaiming the 50-day and 20-day EMA lines, VET is now challenging the resistance at $0.05425. The positive alignment of the critical EMA lines strengthens the bullish outlook.

Furthermore, the recovery run last week, which saw a gain of more than 20%, has pushed the RSI above the halfway mark. As a result, the technical indicators maintain a positive outlook for Vechain.

VET Price Targets

The trend-based Fibonacci levels from the bull run show that the neckline is very close to the 23.60% Fibonacci retracement level at $0.05660. A bullish close above the immediate resistance levels could trigger the next rally.

A breakout above the 23.60% Fibonacci retracement level could pave the way to the 100% level at $0.10329. On the flip side, key support levels remain at $0.040, with the 200-day EMA at $0.03563.

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