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VeChain (VET) Up 40% Since January Low – New Bull Phase Confirmed

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • VET enters a new bull phase after horizontal consolidation 
  • The 1-hour chart shows a strong bounce from local lows
  • Bullish potential but cautioning against near-term pullbacks.

VeChain (VET) has shown significant activity across multiple time frames, with the charts revealing detailed Elliott Wave patterns, Fibonacci retracement levels, and key breakout zones.

This analysis will dissect the higher time frame (daily) chart for a broader market context and utilize the lower time frame (1-hour) chart to provide short-term price predictions.

VET Price Analysis 

The daily VET chart reveals the aftermath of a completed impulsive wave structure, with the corrective ABC phase marking significant retracement from the all-time high near $0.0804.

The price recently rebounded from the 0.618 Fibonacci retracement at $0.0424, establishing this as a critical support zone.

The recovery has pushed VET above the 0.382 level at $0.0549, where it currently consolidates.

VET price analysis
VETUSD | Credit: Nikola Lazic/TradingView 

This rebound aligns with the bullish momentum indicated by the Relative Strength Index (RSI), which has climbed from oversold levels to a neutral position around 50.

If the momentum sustains, the next resistance lies at the 0.236 Fibonacci retracement level, around $0.0659, coinciding with prior corrective highs.

The broader Elliott Wave structure suggests the corrective phase is likely nearing its end. The bullish recovery is consistent with the potential initiation of a new impulsive wave, provided the price maintains above the key structural supports.

A decisive break above $0.0659 would validate this outlook and set the stage for testing $0.0804.

VET Price Prediction 

The 1-hour chart showcases a developing impulsive wave count, with Wave (iii) likely underway. After completing a corrective Wave (ii) at $0.0496, VET exhibited a strong breakout, breaching the 0.382 Fibonacci level at $0.0549.

This move is supported by rising RSI, indicating growing bullish momentum.

VET price prediction
VETUSD | Credit: Nikola Lazic/TradingView 

The next immediate target for Wave (iii) lies at the 0.236 Fibonacci retracement of the prior larger wave ($0.0659).

Beyond this, the 1.618 Fibonacci extension of the current wave structure, around $0.0725, represents a critical resistance level.

In the short term, a potential corrective Wave (iv) pullback could test support near $0.0549 or the 0.5 retracement of the impulsive move around $0.0523.

These zones would provide key reentry points for bulls. The final Wave (v) may push toward $0.0804 if bullish momentum sustains.

This bullish scenario would be invalidated if VET breaks below $0.0496, marking the start of a deeper retracement toward $0.0424.

Key Levels to Watch

  • Immediate Resistance: $0.0659 (0.236 Fibonacci retracement).
  • Secondary Resistance: $0.0725 (1.618 Fibonacci extension).
  • Major Resistance: $0.0804 (all-time high level).
  • Immediate Support: $0.0549 (0.382 Fibonacci retracement).
  • Key Support: $0.0523 (0.5 retracement of Wave iii).
  • Critical Support: $0.0496 (Wave ii low and 0.618 Fibonacci retracement).
  • Invalidation Zone: Below $0.0496.
Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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