- VeChain retested the $0.05561 resistance as bullish momentum rose, targeting $0.065 next.
- Social dominance and funding stability pointed towards sustainable growth.
VeChain [VET] has been on an exciting upward rally, successfully retesting its key resistance level of $0.05561 and climbing to $0.06231 at press time.
This daily surge has caught the attention of traders and investors, fueling speculation about its potential to reach new highs. With its bullish momentum intact, could VET soon break the $0.10 barrier? Let’s find out.
Strong momentum ahead?
VET’s press time price action showed a healthy upward trajectory, with strong support established at $0.05561. The RSI was 61.34, indicating sustained bullish momentum without nearing overbought territory.
Moreover, Fibonacci retracement levels confirmed this strength, with VET reclaiming the 38.2% level at $0.05672 and heading toward the next resistance near $0.065.
Therefore, the current technical setup strongly suggested that VeChain’s bullish trend could extend further.
Source: TradingView
VeChain’s Social Dominance rises steadily
Additionally, VeChain’s Social Dominance has increased slightly to 0.239% from 0.211% the previous day. This uptick reflects growing attention from the crypto community, which often precedes further price momentum.
As more traders discuss VET’s performance, this social buzz could provide additional fuel to its upward climb.
Source: Santiment
Long/Short Ratio shows bullish sentiment
The Long/Short Ratio was 1.23 at the time of writing, with 55.16% of traders holding long positions compared to 44.84% in shorts. This data demonstrated a clear bullish bias.
However, the relatively close balance between long and short positions highlighted a cautious optimism in the market, leaving room for price fluctuations in the short term.
Source: Coinglass
Funding Rate remains stable
VET’s OI-Weighted Funding Rate remained stable at 0.0098%, signaling neutral market conditions.
Unlike heavily leveraged markets prone to sharp corrections, the low Funding Rate suggested a healthy balance of speculative and organic activity.
Therefore, VET’s growth appears to be sustainable, with no immediate risk of overheating.
Source: Coinglass
Read VeChain’s [VET] Price Prediction 2024-25
VET is on track to reach $0.10?
VeChain’s bullish indicators, combined with increasing social interest and strong technical support, suggest that it is on track to reach $0.10.
If VET breaks past the $0.065 resistance in the coming days, this milestone could be achieved sooner rather than later. The outlook remains highly promising for the altcoin.
