Analyst Targets Ambitious VeChain Levels, but Will Resistance Hold?

• 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. 

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%. 

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. 

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.