VeChain Eyes Major Reversal: Analysts Predict Surge Beyond $0.04

VeChain (VET) has been navigating a downward trajectory since early April, as outlined in a recent analysis by a prominent crypto analyst on X. This trend continued through May, with the price consistently forming lower highs and lower lows, signaling a robust bearish momentum within a descending channel. The analysis was shared on a well-known trading platform, highlighting critical technical patterns and projections for VET.

According to the analyst, VeChain is currently trading within a descending channel. However, a recent breakout in a shorter timeframe indicates a possible shift in momentum. 

The downtrend could be significantly reversed if the price exceeds the crucial support level of around $0.021. The projection box in the chart suggests a potential rally, targeting a price of $0.04015, a substantial 160.93% increase from the current levels.

The chart and analysis by the crypto analyst point toward an intriguing phase for VeChain, where holding above $0.021 could pave the way for a notable price recovery. This scenario offers an optimistic outlook for traders and investors eyeing potential gains in the coming days.

VeChain’s price has rebounded strongly in the last 24 hours, marking a significant increase of 6.68%. The cryptocurrency is currently trading at $0.02512. The surge comes after a notable dip, where the price dropped to as low as $0.02353. However, following the dip, VeChain’s value gradually climbed, reaching a high of $0.0251.

The total market capitalization of VeChain now stands at approximately $2.03 billion, securing it the 41st position in market rankings. Trading volume for VeChain has also seen a substantial uptick, with a 29.88% increase in the last day, totaling around $57.65 million. This suggests a heightened interest and activity among traders and investors.

The current circulating supply of VeChain (VET) is around 80.99 billion, constituting 93.39% of its total possible supply of 85.99 billion. 

The 4-hour technical indicators for VeChain against the US dollar show a mixture of bearish and bullish signals. The Relative Strength Index (RSI) stands at approximately 59, having climbed from lower levels, indicating a stronger buying momentum. Conversely, the Moving Average Convergence Divergence (MACD) presents a subtle bullish crossover as the MACD line (blue) crosses above the signal line (orange), suggesting potential for an upward price movement.