Amid the broad market recovery, altcoins are outperforming this rally, posting near triple-digit returns. On the list of top performers, VET prices were flat, up 26% overnight.
Due to the ongoing bull market and VeChain’s recovery, the value of its native token is expected to rise in the coming weeks. And with this recovery, investors are asking the question, “Will the VET price reach $0.10?”
For a detailed analysis of the upcoming Vechain price trend, check out our VET price prediction.
VET price boosts 26% and surpasses $0.050
With six consecutive bullish candles, the VET price trend marks a big surge on the daily chart. A 544% jump in intraday volume and continuation of the dominant uptrend portends a longer uptrend for the bulls.
Source – TradingView
Additionally, a bullish reversal would result in a round bottom break with a neckline at $0.040, strengthening the uptrend. Sideline traders hope for a breakout as the VeChain token price briefly reaches $0.050 due to increased demand.
Currently, the price of VET is trading at $0.048, with an intraday rise of 7.09%, continuing its strong performance following last night’s rise. With this improving sentiment and the trend reversal siren sounding, the chances of VeChain reaching the 10 cent mark are improving dramatically.
Technical indicators:
Bollinger Bands: With a strong upward trajectory, VeChain’s upward trend is surpassing the upper Bollinger Band. Therefore, the price trend indicates a vigorous upward movement.
Will VeChain Continue its Bull Run?
The impressive 90% rise over the past 24 days indicates a significant increase in demand for VeChain. Additionally, the ongoing recovery is heading towards the psychological $0.050 level, with expectations of a monumental breakout after May 2022.
Upon breaking $0.050, VET price could reach $0.062 per FIB level.