VeChain’s digital currency VET is currently experiencing a dynamic surge, achieving its highest value within the year. Industry analysts are drawing attention to pivotal price points that could indicate the future trajectory of the altcoin. A prominent YouTube channel analyst from Cheeky Crypto has highlighted the altcoin’s strong upward trend, noting its recent breakthrough past a significant price band.
Impressive Performance by Altcoin VET
The analyst observes that VET has breached the $0.04152 to $0.04638 price range, reinforcing its ascent. Projections suggest that the altcoin could potentially advance to $0.05186 or beyond, although there are indications it may have entered an overbought territory, hinting at a possible slowdown. The altcoin’s movement charted on the daily timeframe reveals the rally’s origins on January 23, 2024, with its trajectory aimed between the $0.043 and $0.052 marks, in line with a larger macro structure’s fifth wave target.
Potential for VET to Climb Further?
While some analysts believe VET has reached its peak, others forecast additional growth, with price goals stretching from $0.05427 to $0.05917. The analyst in question, however, does not rule out the potential for the altcoin to achieve even higher levels, given current market dynamics. They suggest a possible elevation to $0.06379, which could lead to further ascent towards an upper boundary of $0.06927.
Presently, VET is trading at $0.04969, marking a 5% rise, as it challenges a daily resistance at $0.05513. A break above this resistance could propel the altcoin to the aforementioned levels. However, it’s important to note that VET’s future movements are not immune to Bitcoin‘s influence. Should Bitcoin’s value decline, it could trigger a corresponding downturn for VET.