VeChain (VET) has undergone a pivotal retest of a critical support area igniting interest from crypto analysts and traders. Rekt Capital, a top analyst, took to X to share his insights on VET’s price trajectory.
In his tweet, he stated, “VeChain has finally pulled back into the light blue area, following the green path well. This region acted as a Range High several weeks ago, and there is now a chance it could become a new Range Low support. Retest is in progress.”
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Bullish Outlook from Analysts
World Of Charts, another analyst, echoed a similar sentiment. He tweeted, “Bouncing From Crucial Support Area. Seems Like Buyers Are Interested In This Area. Successful Retest Can 3-4x Bullish Wave In Coming Weeks.”
Additionally, in a previous tweet, World Of Charts highlighted VET’s breakout, saying, “Recently Breaks Descending Trendline + Crucial Multi-year Horizontal Resistance. Currently Resting Crucial Areas. Incase Of Successful Retest Still Expecting 300-400% Bullish Wave In Coming Weeks.”
According to the latest price information from CoinGecko, the price of VeChain (VET) is $0.04192. Significantly, this represents a 4.68% price increase in the last 24 hours. Consequently, the cryptocurrency appears to be gaining traction, further fueling bullish sentiment among traders and analysts.
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Show more +Market Implications
The successful retest of the crucial support area could potentially set the stage for a substantial bullish wave in the coming weeks. Moreover, the breakout from the descending trendline and multi-year horizontal resistance has bolstered VET’s technical outlook. However, it remains to be seen whether the buyers can maintain their momentum and propel VET towards the ambitious targets set by analysts.
As the market awaits further developments, VeChain’s performance continues to captivate the attention of the crypto community. Traders and investors will closely monitor VET’s price action, seeking opportunities amidst the potential for a significant bullish move.
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