Analysts are Optimistic about VeChain: Could It Reach $0.05 Mark?

• 1 Analyst Ali Martinez shared a positive outlook on Vechain (VET) via an X post, noting that VET appears to mirror its previous bull cycle.
• 2 The VeChain price chart indicates stability at the support level, with buyers gaining strength despite selling pressure.

The price structure shows that the VeChain price was in an uptrend from the end of October 2023. It built higher highs and lows until reaching the supply level at $0.0510. 

The price made three attempts to surpass the hurdle at the supply level but failed as bears pushed it downwards. The VET price gradually deteriorated and later formed its support at $0.03325 by mid-May 2024.

However, the VET price has revealed a sign of recovery as it stopped plunging. Besides, it appears that bulls are regaining their ground slowly, trying to ride on an upward trendline.

Analyst Predicts That a Sharp Parabolic Move Can Come In VeChain

Analyst Ali Martinez shared a positive outlook on VeChain (VET) via an X post, noting that VET appears to mirror its previous bull cycle behavior by retesting the upper boundary of a parallel channel, which historically precedes a bullish rally. 

Martinez’s weekly timeframe chart analysis suggests an impending bullish phase as VeChain price looks to retest over the upper boundary of the current parallel channel.

On the daily chart, VET appears primed for an ascent to the upper trendline of a wedge pattern in the short term. Should it break through this wedge in the long term, it is anticipated to challenge and potentially surpass higher resistance levels, surging to new heights. 

Moreover, the VeChain token demonstrates bullish momentum, maintaining a position above the critical 200-day EMA and nearing the 50-day EMA from below. The MACD indicator reinforces this sentiment with a bullish crossover, with a growing histogram at 0.00002698, and RSI glared at 46.01, surging from the oversold vicinity.

Despite a 3.19% decrease in value over the past 24 hours, with VET trading at $0.03547, the outlook remains optimistic. If buying interest persists, the token’s price could recover from its current position. The immediate price targets are set at $0.0430 and then $0.0510.

Conversely, should VET fail to sustain above the support level of $0.03290, there’s a risk of further decline in its value.

VeChain Volatility Has Decreased: Could the VET Price Optimize?

The recent VeChain price chart indicates that the price has stopped forming new lows after a decline and has held its previous low on the daily chart. The volatility has decreased, indicating stability in the price at the support level.

Additionally, the VET cryptocurrency appears to be finding support at current price levels. It suggests that despite significant selling pressure, buyers are gaining strength, and the bulls may help drive the VeChain crypto price higher.

Summary

Technically, the VeChain price shows signs of recovery, with bulls regaining ground and attempting to ride an upward trendline. Analysts have shared a positive outlook on VeChain, noting a potential bullish rally. 

The token has demonstrated bullish momentum, with key indicators suggesting a positive sentiment. The immediate price targets are set at $0.0430 and then $0.0510, while failure to sustain above the support level of $0.03290 could lead to further decline. The recent VeChain price chart indicates stability at the support level, with buyers gaining strength despite selling pressure.

Amanda Shinoy

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.