Bitcoin and the world of cryptocurrency have been experiencing dizzying activity lately. This situation has been especially true for VeChain’s cryptocurrency, VET, which has recently witnessed a significant rally. The latest surge has allowed it to reach the highest levels of the new year. Now, an analyst is drawing attention to important levels for the altcoin VET.
Altcoin VET on the Rise
Cheeky Crypto, a YouTube channel’s analyst, suggests that the altcoin VET’s uptrend is continuing strongly. According to the analyst, altcoin VET has confirmed its upward movement by breaking through a critical region. This occurred as the cryptocurrency surpassed the price range of $0.04152 to $0.04638.
The analyst indicates that this movement could lead altcoin VET to rise as high as $0.05186 and possibly aim for even higher targets. However, some suggest that the price has entered an overbought zone, which could lead to a momentum reset.
Focusing on the daily chart of altcoin VET, the analyst attempted to determine when the current rally started and what targets it is moving towards. The rally seems to have started on January 23, 2024, and according to the analyst, it has reached the 5th wave target within a macro structure ranging from $0.043 to $0.052. However, some analysts still believe that altcoin VET has more room to grow and could reach targets between $0.05427 and $0.05917.
Are Higher Levels Possible for VET?
The movement of altcoin VET towards higher levels may seem complex for many investors. However, the analyst does not disregard this possibility, considering the current market conditions. According to the evaluations, altcoin VET could rise to a level of $0.06379. From there, it could initiate a new move to an upper limit of $0.06927.
Altcoin VET was trading at $0.04969, up about 5% at the time of writing. In the recent rally, we see that VET encountered a daily resistance at the $0.05513 level. If this resistance is broken, it seems likely that altcoin VET will quickly move towards the specified levels.
The movement of VET can be affected by the price of Bitcoin. Accordingly, if Bitcoin moves downward, it could mean a southward swing for VET, leading to a price drop.
