VET Price Hits 52-Week High With Triangle Break, Targets $0.18

The post VET Price Hits 52-Week High With Triangle Break, Targets $0.18 appeared first on Coinpedia Fintech News

In the weekly chart, the VET price action showcases a massive breakout rally at play. This also marks a trend-reversal rally, gaining momentum as it surpasses the $0.050 psychological mark. 

With the new bullish rally at play, will the VET prices reclaim the $0.10 psychological mark? Let’s find out in our recent VET price action analysis. 

VET Price Analysis

In the weekly chart, the VET price action showcases a long-coming resistance trendline, keeping the bullish growth under check. This resistance trendline started as the 2021 bull market started to lose momentum. 

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During this, the VET price fell to a low of $0.01317 in June 2023. However, since then, the VET price action has started to form a higher low formation, resulting in a support trendline. Therefore, the VET price movement has given rise to a symmetrical triangle pattern. 

In the recent bullish turnaround, the price surge from Nov. 5 resulted in a 256% rally. Starting from $0.018, the VET price has reached the current market price of $0.066. 

This has resulted in five consecutive bullish candles and surpassed the 23.60% Fibonacci level at $0.045. Further, it results in a new 52-week high at $0.070 and increases the chances of an uptrend continuation. 

VeChain Technicals and Price Targets 

The bullish turnaround has resulted in a merger between the 50- and 200-week EMA lines, which increases the possibility of a golden crossover. Furthermore, the MACD and signal lines have regained a positive alignment with the bullish histograms resurfacing. Hence, the technical indicators project a bullish extension of the VET rally. 

Based on the trend-based Fibonacci levels, the upside price target for VeChain stands at $0.1846, which could result in a new all-time high beyond $0.2823. On the flip side, the $0.050 will likely remain a strong support.  

Read More: VeChain Price Prediction: Will VET Price Hit $0.50?

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