VeChain (VET) Poised for 100%+ Surge If It Holds Above $0.0230, Analysts Note

• Analysis reveals VeChain testing reliable trendline support; maintaining above $0.0230 may trigger a strong bounce and move toward crucial Fibonacci targets.
• The report identifies a Fibonacci extension at $0.06765, matching chart signals that indicate upward price movement toward a previous high at $0.080.
• Technical indicators, including Bollinger Bands and Stochastic RSI, support evidence of buyer interest, with low volume suggesting potential for renewed price recovery.

A recent analysis of VeChain (VET) presents a technical setup with key support and resistance levels. The report examines trendline behavior, Fibonacci targets, and market indicators that influence VET’s price movement.

Trendline Analysis and Support Levels

Crypto analyst Mind Trader noted that VET could achieve a move exceeding 100% if the price stays above $0.0230. The tweet explains that the drawn white trendline connects previous lows. This line has acted as strong support during multiple bounces. 

The trendline’s history of reliable support is significant. Historical price patterns suggest a potential bounce if the trendline holds. A failure to maintain this support could result in further downsides. 

Fibonacci Extension and Resistance

The technical report marks the 1.27 Fibonacci extension level at $0.06765. This level coincides with an upward orange arrow on the chart. The price could rally toward the $0.067-$0.070 region if buyers step in. A previous high of $0.080 may serve as a longer-term target.

The analysis further notes an upside resistance near $0.035-$0.040 if the trendline holds. Traders have observed that a successful bounce from support might lead the price towards these levels. This potential upward move is noted in the tweet. Market observers emphasize that a breakdown below key support levels, particularly near $0.020, may lead to further declines.

Technical Indicators and Market Activity

The daily chart of VET/USDT shows price action under persistent bearish pressure. The Bollinger Bands indicate increased volatility as they expand. A small-bodied reaction near the lower band suggests buyer interest at support zones. The 20-day simple moving average near $0.02755 acts as dynamic resistance.

Stochastic RSI data reveals a bullish crossover in the oversold region. The %K and %D values in the oversold zone indicate potential short-term momentum recovery. The trading volume has shown a decline in selling pressure recently. An increase in volume may support a breakout toward previous resistance levels.

The analysis covers key technical aspects and established levels for VET. At the time of writing, VET was priced at $0.02314 with a 24-hour trading volume of $70,085,479. This represented a -4.54% price decline in the last 24 hours.