Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1

VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1

CoineditionCoinedition2024/10/16 16:00
By:Coin Edition
  • VET is positioned for significant moves, targeting key Fibonacci retracement levels.
  • Short-term targets suggest potential upward momentum based on Fibonacci analysis.
  • RSI and MACD indicate a consolidation phase with neutral market sentiment.

VeChain (VET) is poised for a potential price breakout. The cryptocurrency is currently trading at $0.02248, down 3.75% over the past 24 hours.

Historical data suggests VET could be entering a “Turbo Trigger” phase. Based on the previous cycle, VET could reach Fibonacci retracement levels of 1.236, 1.414, and 1.618, converging around $1.

For a more cautious perspective, the analyst identified potential short-term targets at Fibonacci levels of 0.702 ($0.11466), 0.382 ($0.04279), and 0.236 ($0.02729). The marked levels serve as possible price points in the event of upward momentum. 

VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1 image 0 VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1 image 1

Source: EGRAG CRYPTO

Also, extreme long-term targets have been identified at $0.19888 (projected increase of 6,538.99%) and $0.85850 (projected increase of 6,538.81%). These high projections point out the potential for returns over an extended timeframe.

VeChain (VET) Current Market Performance

The trading market for VeChain reflects a relatively low market capitalization of approximately $1.81 billion, with a trading volume of $24.78 million over the past 24 hours. This volume shows reduced activity and investor interest in the short term, as evidenced by the Vol/Mkt Cap ratio of 1.36%. 

VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1 image 2 VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1 image 3 Source: CoinMarketCap

Despite the recent price decline, the daily chart reveals that the crypto asset has been trading within a range, facing resistance near $0.024 and support around $0.020. 

The MACD indicator shows a slight bearish momentum, with the MACD line below the signal line, although the histogram remains relatively flat. 

VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1 image 4 VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1 image 5 Source: TradingView

Additionally, RSI currently sits at 48.31, just below the neutral midpoint of 50. This positioning suggests that VET is neither overbought nor oversold, further supporting the idea of a consolidation phase.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump and Wall Street: How long will the love affair last?

Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.

Cryptopolitan2024/11/24 03:44

The clash of Bitcoin and benchmark stock indexes

Share link:In this post: The S&P 500 is up 25% this year, with financial and cyclical stocks leading, boosted by optimism around a Trump administration and steady economic growth. Bitcoin has surged 40% this month, nearing $100,000, driven by aggressive trading, retail investor enthusiasm, and headlines hinting at government support. MicroStrategy’s stock hit a $100 billion market cap, tripling its Bitcoin holdings’ value, but its wild 32% drop from intraday highs shows cracks in the frenzy.

Cryptopolitan2024/11/24 03:44