Leading crypto analyst World of Charts has identified a technical setup for VeChain, spotting a bullish pennant formation that suggests upside potential.
The analyst notes that VET has successfully broken out of this continuation pattern, typically seen after strong rallies, and projects a potential 50% move higher from current levels to around $0.09.
The technical structure shows a sharp upward movement followed by a period of consolidation, forming the characteristic pennant shape. This breakout above the pattern’s upper resistance carries added significance due to the accompanying volume surge, lending credibility to the move’s sustainability.
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Fundamental Strength Driving Momentum
Adding weight to the technical outlook, veteran crypto strategist Michaël van de Poppe emphasizes VeChain’s robust fundamental backdrop. He highlights the thriving ecosystem development, particularly noting the rapid expansion of VeBetter as a cornerstone project.
Van de Poppe sees the recent consolidation as a healthy pause in what he describes as a nascent uptrend.
The analyst emphasizes that despite the substantial gains already secured, VET’s current movement likely represents just the beginning of a larger trend. His analysis suggests the broader VeChain ecosystem is positioned for significant growth heading into 2025, supported by continuing development and adoption.
The convergence of technical and fundamental factors presents a compelling case for VET’s continued upward trajectory. The confirmed breakout from the bullish pennant formation, coupled with strong ecosystem fundamentals, suggests traders may want to watch for potential continuation of the upward movement.
However, as with any trading setup, monitoring volume and potential retests of the breakout level remains crucial for validation. The analytical consensus points to VeChain entering a new phase of its market cycle, with both technical and fundamental indicators aligning to suggest further upside potential.
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