- 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.
