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- Vechain price has surged over 45% in a week and looks bullish.
- The analyst suggested a 20% surge toward $0.0510 in the following sessions.
VeChain (VET), a Layer 1 blockchain that allows developers to create real-world dApps, has experienced bullish momentum. The VeChain price has jumped 45% in a week amid growing bullish optimism and development updates.
The overwhelming bullish sentiment in the crypto market has fueled the VET price rally. Amidst the bullish sentiment, the developments in the blockchain technology space enhanced security features. Moreover, the expanding use cases have boosted the altcoin’s latest surge.
When writing, the VeChain price was trading at $0.04231. Furthermore, the token has noted an intraday decline of over 2.10%. It ranked 37th among the top crypto coins with a market cap of $3.43 Billion.
Significant Updates and Key Partnerships on the Horizon
Some of the expected updates by VeChain include the VET road map, ambassadors in place, protocol changes, and tokens. It also consists of a new stablecoin with a USDC bridge and veUSD in place of GloUSD, among others.
VeChain also draws on new adoptions and partnerships. As per the latest development, the network has become a member of the European Blockchain Association. That indicates a drive to boost adoption in Europe.
These developments enhance Vechain’s functionality and its competitive positioning within the crowded crypto landscape.
Analyst Suggests 20% Surge: Here’s the Take
A recent tweet by Scofield highlighted that the VeChain price has breached a trendline of the channel pattern. Furthermore, the token could surge by 20% in the next sessions.
Moreover, another analyst, Alan Santana, said that the VET crypto has moved out of the long-term accumulation channel.
The analyst also mentioned that the token was preparing for a bullish run. It could acclerate beyond the 61.8% Fib level above $0.05200 mark.
Technical Analysis: VeChain Price Prediction
The VeChain price has gained significant bullish momentum. Additionally, it was approaching the critical resistance zone of $0.04500.
The price action indicated that the buyers have maintained their upper hand. A recent price surge with a substantial volume spurt indicated buyer accumulation and whale buying activity.
The latest 45% weekly surge sparks bullish sentiment and a possibility of reaching the 52-week high zone of $0.05300. Recently, the VET price has registered a descending channel pattern breakout and moved out of a prolonged decline.
The Relative Strength Index (RSI) at 74 indicated bullish momentum. However, it suggested caution as it approached the overbought zone.
The Average Directional Index (ADX) rose to the 44 mark. That depicted buying strength and a strong uptrend on the chart.
Derivatives Data Revealed This
Data from Coinglass revealed that $216.5k in long positions had been liquidated, compared to $68k in shorts. This disparity suggested that bullish traders currently dominate the market. However, it also impacted price stability and could trigger massive volatility ahead.
Meanwhile, the OI-weighted funding rate stayed positive at 0.0639%. That represented the demand for long contracts. The immediate support zones were $0.4000 and $0.03800. On the other hand, the resistance levels were $0.04300 and $0.4700.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
