The cryptocurrency market is experiencing a renewed surge in bullish sentiment, with VeChain’s VET token emerging as one of the primary beneficiaries. Over the past week, VET has seen a significant 25% increase in value, reaching a new monthly high of $0.03278.

Notably, the token’s price had plummeted to a low of $0.02039 just 12 days prior, indicating a remarkable 60.76% rebound in less than two weeks. This impressive comeback has captured significant attention among enthusiasts and market watchers.

In a recent video, an analyst from the Cheeky Crypto channel posited that VET could be on the verge of a more significant price breakout. The analyst provided a comprehensive review of VET’s recent price patterns, structures, and potential future movements, painting a promising outlook for the token.

The analyst observed VET on the 1-day Binance chart, which shows a notable reversal starting from July 5, marking a comeback from the downside pattern that commenced in late February.

Meanwhile, the analyst noted that the token is currently facing resistance at the 200-day exponential moving average (EMA). If the token closes above this level, it could be a strong signal for a long position with a tight stop loss. Current support is found at the 50 EMA and 50 SMA, although these levels are still below the 200 EMA, suggesting lingering bearish sentiment in the market.

Regarding future projections, the analyst pointed out that VET is in the third wave of a five-wave pattern, with significant upside potential before completing this phase. A rally beyond the 200-day EMA is expected, followed by a correction in the fourth wave and a final surge to complete the pattern.

The analyst anticipates VeChain reaching between $0.31 and $0.77, with the potential to hit the $1 mark in the longer-term outlook.