VeChain (VET) has shown a significant surge over the past 24 hours, attracting attention from analysts and traders in the cryptocurrency market.
Overview of VeChain Growth
Yesterday, VeChain recorded an 8.58% increase, allowing the price to rise above the $0.030 level. The current price stands at $0.029. Technical analysis indicates the formation of an inverted head-and-shoulders pattern, which may suggest further upward movement.
Technical Indicators and Forecast
Analysis shows that the daily RSI has bounced off the midpoint and crossed above the 14-day simple moving average, indicating potential for growth. A successful break above the 23.60% Fibonacci level ($0.0327) could lead to a rise to $0.061, representing an 88% growth potential.
Outlook for Derivative Market
The VeChain derivatives market is also seeing activity: open interest has increased by 5.75% to reach $86.47 million. 64% of accounts trading VET-USDT on Binance hold long positions, reflecting bullish sentiment among traders.
Current technical indicators for VeChain suggest potential for continued growth, though traders should be aware of risks associated with margin trading and possible corrections.
