• 17 July, 2024
Markets News

VeChain Eyeing Major Gain, Analyst Predicts Breakout Above $0.040

VeChain has experienced a notable shift in its market dynamics, as observed by the crypto analyst World of Charts through a recent X post. The VeChain price chart shows a promising setup in a descending channel pattern that has formed over the past few months, characterized by consistent lower highs and lower lows.

Crypto analysts recently noted that VeChain’s price action is nearing a pivotal breakout point. After successfully clearing the first resistance level, the cryptocurrency is approaching a major resistance that could signify the start of a robust bullish wave if it breaks out from the descending channel currently containing its price movements.

The daily timeframe of VET’s chart reveals this descending channel, with an imminent test of its upper boundary. If breached, this boundary suggests a potential rally that could propel the price significantly higher. A critical support zone has been established around $0.02502, where the price has shown some stabilization, adding credibility to the possibility of an upward trend reversal.

A trendline breakout is in sight on the lower timeframe, hinting at an immediate upward movement. This movement is expected to test the descending channel trendline at approximately $0.0300, setting the stage for further gains. If VeChain breaks out of this channel, the analyst projects that the price could easily double in the coming days.

The level of $0.02700 is likely to act as the initial barrier VeChain needs to overcome. Surpassing this could ignite buyer interest, driving the price towards the analyst’s ambitious target of $0.04015, marking an increase of 160.93% from current levels.

VeChain Eyes Major Reversal: Analysts Predict Surge Beyond $0.04

This analysis underscores a crucial moment for VeChain. A successful ascent above this key trendline could attract substantial buying activity, propelling the cryptocurrency towards the anticipated target as outlined in the large blue rectangle on the analyst’s chart.

VeChain has experienced a notable surge in price in the past 24 hours. As of the reporting time, the price of VeChain stands at $0.02628, reflecting a 2.31% rise. The cryptocurrency’s market capitalization has also climbed to approximately $2.13 billion, securing its position as the 40th largest by market cap. The trading volume for VeChain has dipped by over 33%, amounting to around $30,978,930.

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