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.
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.
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.
Vechain Price Chart