VeChain’s Technicals and Fundamentals Align — Could VET Be Poised for a 10x Rally?
Analysts predict a potential breakout for VeChain (VET) as it forms a strong support base around $0.009–$0.013, signaling an accumulation phase. Increased trading volumes, rising VTHO utility, and institutional participation, such as Krock joining as a validator, indicate growing network confidence. Technical analysis highlights similarities to VET's 2020 pre-rally conditions, with a near-term target of $0.10 and the potential to break resistance at $0.035–$0.05. Analysts suggest VeChain's focus on enterprise applications, like supply chain management, reinforces its real-world adoption, positioning it for potential growth amidst altcoin market dynamics. A key 'reversal zone' has been identified near $0.0107–$0.013, supported by long-term trendlines and bullish candlestick patterns.
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Reversal Zone Identified for VeChain Price
Analysts have pinpointed a “reversal zone” for VeChain (VET) price in the range of $0.0107–$0.013, with possibilities of a breakout above $0.035–$0.05. This observation is tied to recent patterns in the VeChain price chart, which suggest it could mirror the breakout it experienced in 2020.
Current Accumulation and Trading Range
As noted by Cheeky Crypto analysts, the VET token has been stuck in an accumulation phase, trading within a tight range of $0.009–$0.013 for an extended period, forming a strong support base. Currently, the price hovers around $0.016, which is seen as a crucial accumulation zone before any potential breakout.
Increased Network Activity and Institutional Participation
Recent on-chain data shows a rise in trading volumes and increased usage of VTHO, VeChain's gas token, highlighting growing network activity. Additionally, the entry of Krock, a global crypto market-making firm, as a validator signals strong institutional confidence in the project’s future prospects.
Enterprise Applications and Real-World Adoption
VeChain continues to focus on real-world adoption, expanding its enterprise applications in areas such as supply chain management, logistics, and carbon tracking. Analysts believe VeChain could potentially benefit from an upcoming altcoin rotation, especially if Bitcoin consolidates its recent gains, echoing the pre-rally conditions of late 2020 that led to a massive surge.
Key Technical and Momentum Indicators
With technical patterns aligning and increasing fundamentals, VeChain appears to be in a key accumulation stage. Analysts suggest that a breakout above the $0.035–$0.05 resistance zone could confirm renewed bullish momentum, paving the way for a significant price movement.
Long-Term Reversal Zone Analysis
Crypto analyst Brian2jene has identified a long-term reversal zone for VET near critical support levels. He noted that the VET price bounced strongly on October 10, originating from the 2018 long-term trendline, which coincided with the $0.0130 range that marked the end of the bear market in June 2023.
Bullish Reversal Setup
The latest weekly bullish pin bar strengthens the reversal scenario, with the strongest support level positioned at $0.0107. According to Brian2jene, October represents a critical time frame for a potential turnaround, with signs pointing towards a possible bottom formation.