Will VeChain Reclaim the $0.050 Psychological Mark?

The crypto market is observing a potential bullish recovery in altcoins as Bitcoin surpasses $87,000. Among these, VeChain has surged nearly 5% in the last 24 hours.

Currently, the VET token trades at $0.02647 with a market cap of $2.27 billion. This short-term recovery suggests a possible falling wedge breakout rally on the daily chart, raising the question: could VeChain double its value?

VeChain Price Analysis

The daily chart reveals significant bearish influences on the VET token, having dropped from $0.080 to $0.01873 since early December 2024, representing a 75% decline over three months. During this downtrend, VeChain formed a falling wedge pattern, indicating momentum buildup amidst the bearish trend.

With a recent intraday recovery of 4.99%, VET is trading at $0.027, forming a bullish engulfing candle that challenges the overhead resistance trendline. The surge in demand hints at a potential breakout; however, the sideways movement of contracting Bollinger Bands indicates minor consolidation. The momentum indicator favors a trend reversal possibility.

The DMI indicator suggests a likely positive crossover between the +DI and -DI lines, but the declining ADX line indicates weakening trend momentum.

VET Price Targets

Using Fibonacci levels, a falling wedge breakout could drive prices toward the 78.60% level at $0.03177, just above the $0.030 psychological mark and near the upper Bollinger Band at $0.02898.

With a favorable market recovery, VeChain could approach the 50% Fibonacci level, closely aligned with the psychological mark of $0.050.

Conversely, key support levels include the lower Bollinger Band at $0.02254 and psychological support at $0.020.