VeChain (VET) Poised for 60% Price Uptrend Following Key Breakout Move
cryptonewsland.com 15 July 2024 08:43, UTC - VeChain (VET) is gaining significant bullish momentum, attracting attention from investors and analysts.
- The next target could be $0.10, and VET remains strong above the 0.236 Fibonacci retracement level.
- Fintech Insights suggests VeChain could reach between $0.50 and $0.70 by the end of 2024, driven by blockchain adoption in various industries.
VeChain (VET) has lately shown significant bullish momentum. This has drawn attention not only from investors but also crypto analysts.
According to Crypto Erdem, a popular analyst, has highlighted that VET is poised for significant upward movement after breaking out from a 20-week consolidation. He also pointed out that VET has surged by 60% in just 10 days, suggesting that the next target could be $0.10.
BOOOOOOOOOOOOOOOM!!!$VET BREAKOUT AFTER 20-WEEKS WITH WEEKLY CANDLE CLOSE!! pic.twitter.com/jMVnKSTR3S
— Crypto EA (@Crypto_Erdemm) July 14, 2024
Niklas Theisen, another analyst, echoed similar sentiments, noting that VET has gained over 46% since its low on July 5. Theisen also highlighted that the price of VET will soar as long as it remains above the 0.236 Fibonacci retracement level. Additionally, he believes VeChain is one of the stronger assets in the market right now.
According to a Fintech Insights report, VeChain could reach between $0.50 and $0.70 by the end of 2024. This will be driven by the increasing adoption and integration of blockchain technology in various industries.
This outlook is supported by VeChain’s real-world use cases in supply chain management, which have already attracted major partners like Walmart and PwC. These partnerships enhance transparency and efficiency, boosting investor confidence.
Moreover, prominent analysts foresee even more ambitious targets. This long-term bullish forecast is contingent on VET maintaining its momentum and closing above key technical levels in the short term.
Meanwhile, VET is trading at $0.031 having appreciated by 7.92% in the past 24 hours and 34.52% in the 7 days. The monthly candle has crossed the 20 MA from the downside signaling more growth ahead.
On the other hand, the price has breached a key resistance as evidenced by the Bollinger bands on the daily chart. Additionally, the RSI reading (at 65) shows that VET isn’t overbought.
