VeChain (VET) Price Prediction 2023: Is VeChain Ready to Hit the $0.15 Mark?

With a bullish breakout on the weekly chart, is VeChain ready to hit the $0.15 mark as analysts highlight a flag breakout in the short term?

Cryptocurrency price analysis for March 10

March 10 saw a mixed bag of results in the cryptocurrency market, with some coins experiencing gains while others faced losses.

Bitcoin (BTC) price rose 0.55% over the past 24 hours to reach $41,666.5 by 00:03 (UTC). BTC price also increased by 5.5% in the past seven days.

Meanwhile, Dogecoin (DOGE) price went down by 3.07% in the past 24 hours to reach $0.141 by 00:03 (UTC). However, DOGE price rose by 21.05% in the past seven days.

Among the top 20 cryptocurrencies, the biggest gainer was Litecoin (LTC), which rose by 6.03% in the past 24 hours, and the biggest loser was Polygon (MATIC), which fell by 3.56%.

In the past 24 hours, Deribit saw the highest trading volume, at $12.36B, followed by Binance, at $7.16B, and OKX, at $4.06B.

Among the stablecoins, the top performer was HUSD, which rose by 0.01% in the past 24 hours to reach $1.000001 by 00:03 (UTC).

Technical analysis of VeChain (VET) price for March 10

On the weekly chart, VeChain’s price action shows a massive recovery rally at play. The bullish recovery has created three consecutive green candles, overcoming the long-coming resistance trendline. This marks a price jump of 145% within 21 days.

Currently, the VET token trades at a $0.04325 market price with an intraday pullback. Will the bull run in VeChain march forward to reclaim the $0.10 psychological mark?

VET price shows a strong bullish trend in the weekly chart. (Source: TradingView)

VeChain Bull Run Crosses $0.040

Starting from $0.018 on November 3, VET’s bull run has peaked at $0.04727. However, the bull momentum failed to surpass the $0.050 psychological mark before witnessing a pullback.

The trendline breakout rally, combined with the triple white-soldiers pattern, marks the end of the pullback phase. However, the trendline breakout rally failed to sustain above the 23.60% Fibonacci level, priced at $0.04474, resulting in the 6.16% pullback today.

Meanwhile, the increased demand for VET has resulted in an uptick in the 50-week EMA line, creating a golden crossover. Furthermore, the MACD and signal lines have surged higher with the resurgence of positive instruments. Hence, the technical indicators maintain a buy signal for VeChain.

Analyst Predicts Flag Breakout Rally to $0.056

With three consecutive bullish weeks, the trend reversal in VeChain shows strong bullish price action on a larger timeframe. In a recent X post, crypto analyst Ali highlighted a breakout rally in VeChain that could change the short-term dynamics.

Martinez’s analysis highlights a bullish flag breakout, with VET surpassing the 78.60% Fibonacci level at $0.043. The price action analysis is done in the 1-hour timeframe and suggests the uptrend continuation to $0.056. This marks a potential 30% upside in the near-term trend.

Conversely, the crucial supports based on Martinez’s analysis are at $0.043 and $0.040.

VeChain Price Targets in the Weekly Chart

With the reversal rally failing to surpass the neckline at the 23.60% Fibonacci level, the change of trend character is yet to occur in VET price action. The intraday pullback increases the possibility of the broken trendline retest.

Nevertheless, the bulls will likely regain control after the retest phase to re-challenge the Fibonacci neckline. In case of a bullish breakout, the upside price targets are at $0.087 and $0.15.

Hence, the Fibonacci levels give an upside projection of more than 250% of the current market price.

On the flip side, the retest at $0.033 could result in a bearish continuation to the 50-week EMA at $0.028.