VET Climbs to $0.05—Can VeChain Extend Its Gains by 29%?

• VeChain (VET) has been predicted to test the $0.08 resistance level after turning a crucial psychological barrier into support in an 11% daily surge. 
• An analyst has predicted that VET could significantly hit $0.20039; however, it would have to breach three critical resistance levels – $0.07500, $0.10000, and $0.15000. 

VeChain (VET) emerged as one of the best-performing assets after the presidential inauguration of Donald Trump, rising by 11% on the 24-hour price chart and 9% on the weekly chart. According to our market data, this has extended VET’s 90-day gain to 124% as it breaks a crucial resistance level at $0.049 to trade at $0.050. Meanwhile, this is a small decline from the daily high of $0.053 recorded earlier.

VeChain (VET) Price Analysis

Further analyzing its price action, CNF observed that the current rally is largely supported by the significant surge in VET’s daily trading volume, which currently “sits” at $411 million. This run has also positioned the asset above Monero (XMR) and Ethereum Classic (ETC), becoming the 34th largest crypto with a market cap of $411 million.

Commenting on the price, analysts have highlighted a strong possibility of VET sustaining and continuing this rally, with the next stop expected to be around the 0.236 Fibonacci retracement level ($0.0659). This would demand a realistic surge of 29% from the current level. Breaking above this point could also see VET hitting $0.0804 by February, aligning with a previous CNF report.

In December, an analyst called EGRAG CRYPTO identified a bullish formation that hinted at a possible surge of 3710% to $1.6. As we mentioned in previous coverage, this was identified after applying a cloning technique to the previous cycle’s blue arrow pattern highlighted in the chart below.

Source: EGRAG CRYPTO

I have applied the cloning technique to a previous cycle’s blue arrow pattern, and the current price action suggests that. VET may be gearing up for some exciting moves. The pattern indicates a potential rise to 0.115c, followed by a dip to 0.035c, paving the way for a potential surge to $1.6. This analysis is grounded in the historical price action reflected by the cloned Blue Arrow pattern.

Other Analysts Join the Discussion

In another post, EGRAG CRYPTO highlighted that VET could target the Fib 1.236, 1.414, and 1.618 in a 4,324% surge to hit $1. As analyzed in a CNF report, Analyst Alan Santana also believes that the asset is repeating a 2019 price movement.

At that time, VET recorded a bearish phase of 595 days. After this, the asset recorded a 1,291% surge. Meanwhile, the bearish phase of the current cycle reportedly ended on September 16, 2024, and lasted for 1,246 days. This implies that the asset could record a more explosive surge than the previous cycle, according to Santana.

Similarly, analyst Javon highlighted a breakout from a long-term descending trendline. This was said to have followed a prolonged downtrend that started in early 2022 and continued through late 2023. Fascinatingly, a crucial resistance range was found between $0.03518 and $0.05000. Having broken the prior high, VET is now confronted with the challenge of breaking the psychological barrier and turning it into support.

For analyst Crypto Scofield, this is “just the beginning,” as the asset targets the $0.20039 level. However, it would have to prove its strength by breaching multiple resistance levels at $0.07500, $0.10000, and $0.15000. Fascinatingly, Javon Marks agrees with this prediction as he highlights the $0.25 level as the next target.

$VET (Vechain) continuing on an outstanding ascent and looks to be headed directly towards the $0.25315 breakout target which is still in play!
With this target in play, another +259% climb is possible… https://t.co/6VZnjnKRMP pic.twitter.com/mJjT2bI5M5— JAVONMARKS (@JavonTM1) December 3, 2024.