The post VeChain surges +10%: Analyzing VET’s bullish pennant breakout appeared on BitcoinEthereumNews.com.

The bullish pennant breakout signals upward potential, with $0.057 as the key resistance level. Market confidence rises with open interest at $88.23 million, RSI at 51.19, and solid metrics. VeChain [VET] has captured market attention with its sharp breakout from a bullish pennant pattern, signaling a potential continuation of its upward trend after weeks of consolidation.  This breakout, driven by increased market interest and surging trading activity, marks a critical moment for VET as it trades at $0.05218, reflecting a 10.4% gain over the past 24 hours at press time. With momentum building, the question arises: Can VeChain sustain this rally and challenge key resistance levels? VET price action analysis: Bullish pennant flag breakout The breakout from the bullish pennant pattern suggests strong upward momentum, and the accompanying 42.54% surge in trading volume reinforces confidence in the move. The current resistance zone lies near the $0.057 level, which, if breached, could propel VET towards the $0.08 region as its next target.  However, traders should monitor price movements carefully, as rejection at these levels could trigger a retracement. The structure of the breakout indicates significant buyer interest, but consistent momentum is key for further gains. Source: TradingView VeChain technical indicators: Signals of continued strength Key technical indicators align with the bullish narrative. The RSI stands at 51.19, showing room for growth without entering overbought territory.  Additionally, the MA cross between the 9-day ($0.04943) and 21-day ($0.05593) moving averages highlights a positive trend, signaling potential for continued upward movement.  These indicators suggest that the breakout is backed by technical strength, with traders likely positioning for further gains. Source: TradingView VET social dominance: A slight decline Despite the price surge, VET’s social dominance has experienced a drop, declining to 0.1% from its recent peaks above 0.7%. This could reflect a temporary lag in…

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Filed under: News - @ December 26, 2024 3:02 am