- 1 The VeChain (VET) price might trigger a falling channel breakout soon.
- 2 VET token’s price halted the downmove near the 200-day EMA mark.
The VeChain (VET) token had retested the 200-day EMA mark and was eyeing a breakout ahead. For weeks, lower low swings were made, and a downtrend was noted.
However, the ongoing price correction ended, and the falling channel pattern might breach ahead. Meanwhile, the bulls’ army must escape the trendline mark of $0.0400 to flip the bearish wave.
VeChain (VET) price action highlights the potential to kick-start the reversal. A break and close above the $0.04000 mark would trigger the short covering soon.
At press time, the VeChain (VET) price traded at $0.03596 with an intraday drop of 0.10%, reflecting neutrality on the charts. It has a monthly return ratio of -5.89% and an annual return ratio of 84.30%.
The pair of VET/BTC is at 0.000000535 BTC, and the market cap is $2.61 Billion. Analysts are neutral and suggest that the VET price may register a trendline breakout and might outperform in the next few sessions.
Analyzing the VeChain (VET) Potential
VeChain (VET) has finally stirred excitement in the crypto fanbase and will likely reflect a breakout. The VET crypto was in a downtrend for monthsand had completed its bearish cycle.
Now, the investors have gained traction and are preparing for a bull run. However, the analysts are still cautious due to the market volatility.
Source: Santiment
Meanwhile, the trading volume remained flat, and buyers still have to cross the prompt hurdle of $0.0400 to revert the gains.
The RSI curve stayed below the midline, standing at 43, but a positive divergence was noted on the charts.
Ranked at 46 per the market cap, VeChain crypto has a total supply of 85.99 billion and a volume-to-market cap ratio of 0.0176.
What’s on Analysts’ Cards?
In the recent tweet, analysts have guided an alert, leaning toward their belief that the VET price might rally ahead and will cross the Fibonacci 38.2% level soon.
#VET: Blue or Green Pump Alert!🔵🟢#VET has the potential to soar 2 or 3 times from its previous all-time high of 0.277.
Let’s crunch the numbers:
A) 0.277 X 2 = 0.554c
B) 0.277 X 3 = 0.831cBut wait, there’s more! 🚀 I’m leaning towards the belief that #VET will surge to… pic.twitter.com/mjLJJ6czGl
— EGRAG CRYPTO (@egragcrypto) May 17, 2024
Source: X
Going forward, with another tweet with the same sort of guidance, analysts saw a falling wedge breakout and highlighted an upcoming bullish cycle.
VECHAIN ( $VET ): YOUR LAST CHANCE NOW!!!!! pic.twitter.com/5UIp0aWu4K
— STEPH IS CRYPTO (@Steph_iscrypto) May 17, 2024
Source: X
Could Increased Development Activity Trigger the Bullish Sentiment?
For weeks, a consistent upmove in the development activity resembled the rising demand for the VET crypto.
The value reached the top of 44.5, signifying the bullish sentiment. Meanwhile, the VET token has yet to trigger a breakout.
Source: Santiment
Likewise, the development activity contributors count also spiked over 13% this week and highlighted investor efforts in uplifting gains.
What does the VeChain Futures activity indicate?
Per the coinglass data, futures derivative data showed a short covering activity.
Source: coinglass
The open interest data noted a drop of over 2.36% to $43.01 Million in the last 24 hrs, which might lead to the rebound ahead.
Conclusion
The VeChain (VET) crypto signifies the possibility of trend reversal and has the potential to boost the gains. Moreover, the token has halted its gains at the 200-day EMA mark and might reflect outperformance ahead.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.