VeChain Spikes 10%, Skyrockets to $0.03 After 100% Rise in 2023: Is VET on Track to Reach $0.10?

In a remarkable display of bullish movement, the smart contract blockchain VeChain and its native token VET have emerged as significant players in the altcoin rally, experiencing an impressive surge. VeChain jumps double digits in the indices on Monday as the cryptocurrency is up nearly 11% in the day’s trade. VET reached a yearly high of $0.03, signaling renewed investor confidence.

After seven months, VET has broken out, riding the wave of a broader crypto market recovery. But is this a sign of something bigger? Let’s take a closer look at what's driving this surge and the potential for further gains.

VeChain (VET) Price Analysis: Riding the Bullish Wave

Six bullish engulfing candles in a row show a significant spike in the daily chart of the VET price trend. A longer ride for bulls is hinted at by the intraday trading volume spike of 544%, demonstrating strong buying pressure. While VeChain (VET) has recently experienced a notable decline in its market value, mirroring the trend seen in Bitcoin (BTC) – over the past week, VET has dropped by nearly 10% – the recent surge suggests a powerful rebound is underway.

Can VeChain (VET) Breach $0.033 and Beyond?

According to Martinez’s insights, if this pattern holds, VeChain (VET) might breach the $0.033 resistance level in the coming two weeks, potentially leading to a significant price increase. The combination of bullish indicators, increasing social interest, and strong technical support suggests that VET is indeed on track to reach, and potentially surpass, this level.

VET is on track to reach $0.10?

VeChain’s bullish indicators, combined with increasing social interest and strong technical support, suggest that it is on track to reach this target. While market volatility remains a factor, the current momentum behind VET is undeniable.