CandleFocus VeChain Breaks Key Resistance: Is $0.10 the Next Target for VET?
2024-12-13
Author: Content Editor
VeChain's price has recently rallied and reached a high of $0.06238, but it has since slumped. Despite this, technical indicators suggest a bullish outlook for the cryptocurrency. The release of VeChain's Renaissance roadmap has brought positive attention to the platform. The altcoin has established support at $0.05561 and has reclaimed the 38.2% Fibonacci level, indicating potential for further growth. Social metrics and sentiment around VeChain are also positive, with more users talking about the cryptocurrency. The Long/Short Ratio shows a slight bias towards long positions, but caution is advised. The organic trading activity and unchanged OI-Weighted Funding Rate suggest the current uptrend is sustainable. The key level to watch is $0.065, and a successful breach could lead to further gains. Analysts have set a target of $0.10 if VeChain can break out successfully. The cryptocurrency is currently trading at $0.05879.
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