VeChain (VET) is preparing for a major move, targeting key Fibonacci levels. Short-term analysis suggests bullish potential, based on the Fibonacci pattern. The current RSI and MACD indicate an accumulation phase with a neutral market sentiment. VET is currently trading at $0.02248, down 3.75% over the past 24 hours.

Historical data suggests that VET may be entering a “Turbo Trigger” phase. Based on previous cycles, VET could hit the 1.236, 1.414, and 1.618 Fibonacci retracement levels, with a convergence near the $1 mark.

For a more cautious view, analysts have identified potential short-term targets at the Fibonacci levels of 0.702 ($0.11466), 0.382 ($0.04279), and 0.236 ($0.02729). These levels are considered viable price points in case of bullish momentum. Additionally, extreme long-term targets have been identified at $0.19888 (up 6,538.99%) and $0.85850 (up 6,538.81%). These high projections indicate profit potential over a long period of time.

Current Performance Of VeChain (VET) In The Market

VeChain’s trading market currently reflects a relatively low market capitalization of around $1.81 billion, with a 24-hour trading volume of $24.78 million. This volume suggests a decline in trading activity and investor interest in the short term, as evidenced by the Vol/Mkt Cap ratio of 1.36%. Despite the recent price decline, the daily chart shows that the crypto asset has been trading within a range, with resistance near $0.024 and support around $0.020.

The MACD indicator shows some bearish momentum, with the MACD line below the signal line, although the histogram remains relatively flat. Additionally, the RSI is currently at 48.31, just below the neutral level of 50. This position suggests that VET is neither overbought nor oversold, further supporting the view of an accumulation phase.

Combining the above factors, VeChain appears to be preparing for a potential price breakout, but investors should keep a close eye on key support and resistance levels, along with the volatility of technical indicators such as MACD and RSI.