Bullish cycle may begin for VeChain (VET), according to analyst
VeChain (VET) prices rose more than 50% last week after retesting a key support level.
Bullish cycle may begin for VeChain (VET), according to analyst.
VeChain (VET) prices rose more than 50% last week after retesting a key support level. The recent drop seems to be the last opportunity for marginalized investors to buy VET at bottom, analysts say. According to Crypto Briefing’s Ali Martinez, if the buying pressure continues to rise, this altcoin could increase by more than 1,500% in the future.VeChain bounced back from a critical support barrier after seeing its price drop 46% as a result of a market-wide correction. Now, VET seems ready to continue its uptrend towards all-time highs.
VeChain Enters New Bullish Cycle
VeChain emerged from an inverted head-and-shoulders formation on Feb. 9, after a two-year consolidation period. The cut of the $ 0.035 resistance level marked the beginning of a new bullish cycle from a technical perspective in this altcoin’s trend. Indeed, the distance between head and shoulders points to the $ 1500% rally of VET.
A recent retest of the underlying support reinforced the bullish outlook. Now, VET can see its market cap rise to $ 0.56 as predicted by the upside-down head and shoulders.VeChain only faces one critical hurdle on its upward path before re-entering price discovery mode. After breaking past the all-time high of $ 0.063 in late February, it will further confirm the optimistic scenario. If this happens, the Fibonacci retracement indicator shows that the next key interests will be $ 0.17 and $ 0.63.
It is worth noting that for the bullish outlook to remain intact, VeChain must continue to trade above the head and shoulders line at $ 0.035. A sudden bearish impulse that breaks this support level will increase the likelihood of a harder correction. Under such unique conditions, VET can dive towards the 78.6% or 61.8% Fibonacci retracement level. These supports are $ 0.028 and $ 0.015, respectively.VeChain was trading at $ 0.05283 at the time of writing. The crypto currency has increased by 17% in the last 24 hours.