Analyst Javon predicts VeChain could reach $0.25315, a potential +259% gain after a key trendline breakout.
VeChain's current resistance levels at $0.03518 and $0.05000 are pivotal for its ongoing bullish trajectory.
Crypto Scofield highlights VeChain's $0.20039 target, a 386.46% potential gain, fueled by robust volume and renewed sentiment.
According to analyst Javon, VeChain ($VET) has broken its long-term descending trendline, a significant bullish reversal. This breakout follows a prolonged downtrend that began in early 2022 and persisted through late 2023. Javon highlights a potential climb toward a $0.25315 breakout target, which could translate to a remarkable +259% gain.
https://twitter.com/JavonTM1/status/1863804441087942886
Strong Momentum Pushes VeChain Toward Critical Resistance Levels
Following the breakout, VeChain has demonstrated sharp upward momentum, leading to an almost vertical rise. This surge in price reflects increased buyer interest and strong accumulation.
The current resistance levels at $0.03518 and $0.05000 are crucial for continued growth. The first represents a prior high, while the latter is a psychological barrier that could test the strength of the bullish trend.
Support levels at $0.02000 and $0.02250 offer safety, particularly if retracements occur. The breakout was accompanied by rising volume, complementing the strength of the movement. Sustained volume at these levels may boost VeChain's upward movement, while declining volume could signal potential consolidation.
Chart Analysis Indicates Higher Price Targets
Analyst Crypto Scofield emphasized VeChain’s upward momentum, describing it as "just the beginning." According to the analyst, VeChain's historical performance points to a potential target of $0.20039, a 386.46% increase from its current price of $0.05734. This aligns with key resistance levels from the 2021 bull market, notably at $0.07500, $0.10000, and $0.15000.
Source: Crypto Scofield
The chart showcases a clear breakout beyond prior consolidation zones, highlighting renewed bullish sentiment. Intermediate resistance at $0.07500 is likely the next level, followed by psychological levels at $0.10000. However, if momentum fades, the price may retrace to support levels near $0.05000 or enter a consolidation phase.
Rising Volume and Bullish Sentiment
Rising trading activity indicates robust market participation, critical for sustaining upward momentum. However, the market remains vigilant about potential shifts in sentiment or overbought conditions. VeChain’s recent performance reflects strong bullish momentum, with a focus on breaching key resistance levels to maintain its upward movement.
