VeChain Breaks Out of Falling Wedge: Is $0.031 Target Next?

VeChain breaks out of the falling wedge pattern as it surpasses $0.020. Will this breakout rally hit the $0.031 price target? As Bitcoin crosses $82k following the recent 90-day pause in Donald Trump's tariffs, altcoins are experiencing a recovery. Among the rising altcoins, VeChain is signaling a massive breakout rally. With a sudden overnight surge and extended intraday recovery, the VET price trend indicates a potential falling wedge breakout. Will this breakout rally propel the price to $0.031? VeChain Token Price Analysis VeChain's price action on the daily chart shows a bullish breakout from a long-standing resistance trendline, creating a falling wedge pattern. This breakout follows a 75% price decline in VeChain from $0.078 to $0.019. The recent recovery in VET, marked by a 12.48% price surge yesterday, set the stage for this breakout. Currently, VeChain is trading at $0.022, with an intraday recovery of nearly 3%. As the altcoin nears a trend reversal, technical indicators are signaling a bullish run. The MACD and signal lines are poised to provide a positive crossover. Additionally, the daily RSI has spiked from the oversold region to nearly the halfway mark, indicating a decline in bearish momentum and supporting the chances of a bullish trend reversal. VET Price Targets The long-awaited trendline breakout has pushed VeChain above the $0.020 psychological level. Based on Fibonacci retracement levels, VeChain will likely challenge the 78.60% retracement level. This crucial resistance level targets $0.031, representing an upside potential of nearly 45%. If the broader market remains stable or turns optimistically bullish, VeChain will likely outperform many other top altcoins. Analyst Signals Trend Reversal in VeChain Token, Targets $0.074 As VeChain marks its falling wedge breakout, Michael Van de Poppe, a crypto analyst, signals strong bullish reversal prospects for VeChain on a higher timeframe. The analyst highlights a crucial support zone for VeChain at the $0.020 psychological level. The current VET price of $0.022 reflects a bullish recovery from this key support, so the uptrend is likely to gain momentum. In his tweet, the analyst also noted VeChain's achievement in obtaining the MiCAR license. The license is the European Union's regulatory framework for crypto assets and service providers. As VeChain overcomes regulatory hurdles in the European region, the potential for increased adoption could drive the VET token price higher. According to the analyst's chart, a potential turnaround from the higher timeframe support at $0.020 could target a swing high at $0.074.