Vechain Price Analysis: Why A Rally to $0.10 Is Coming

Highlights:

• Vechain in an intra-day consolidation as scalpers take profit
• Overall momentum is bullish despite short-term profit-taking
• A strong use case and a rising broader market could push VET to $0.10 soon

Vechain has been one of the best-performing cryptocurrencies in the last 30 days. In this period, Vechain tripled in value, and the momentum is not slowing down. At the time of going to press, VET was trading at $0.066 up by 40.4% in the day. Trading volumes are on the rise as well, up by 248% in 24 hours to hit a high of $1.13 billion.

This points to the rising interest in Vechain, a factor that could continue to reflect in its price action going into the foreseeable future. The charts are already painting a picture of Vechain as a cryptocurrency that is in the early stages of a parabolic price rally.

Technical Analysis – Vechain Bulls Testing Intra-Day Resistance

From the charts, Vechain is consolidating after a mega price rally on December 2 that saw it hit a high of $0.0725. Vechain is now consolidating between intra-day support at $0.0629 and resistance at $0.068. However, momentum is more to the upside, and bulls have tested the $0.068 resistance multiple times in the last few hours. This is an indicator that the correction was more of profit-taking by day traders after a more than 40% rally.

If bulls take control and push Vechain through $0.068 in the day, then a rally to $0.10 could follow. On the other hand, if bears take control and push Vechain through the $0.0629 support, then a correction to around $0.059 could follow. Of these two scenarios, the odds are high that Vechain is headed for a rally through the $0.068 resistance and to $0.10 in the short term.

Money Is Rotating Into Altcoins

One of the key factors that support such price action for Vechain is crypto money rotation. Money is now rotating into top altcoins at this point of the cycle. In recent weeks, Bitcoin has been pumping alone while everything else in the market has been quiet. However, since stalling at $99k and the recent correction it faced, money has started to flow into the large-cap altcoins.

#Vechain these are the top performers in the Top 50 for the last 90 days.

This is at the start of the biggest alt season in the biggest Bitcoin cycle we have ever seen to date. Take note of the leaders.

It is super clear that the rotation from meme casino to strong OG alts has… pic.twitter.com/FTTKKroZ0s

— raidenx (@benj_strong) December 3, 2024

Everything from Ethereum, and Solana to Vechain is all gaining momentum. Vechain is already riding this wave quite strongly, thanks to its low nominal price compared to the likes of Ethereum, making it more attractive to small investors. This is a factor that could see Vechain rally exponentially as FOMO builds up in the altcoins market. With the inflow of both whales and small investors, a rally through $0.10 could be achieved soon.

Vechain’s Strong Use Case and Adoption: A Bullish Signal

Besides benefiting from the ongoing market rotation, Vechain also stands to gain from its strong adoption. In a market flooded with thousands of cryptocurrencies with no use case, Vechain stands out among the best. Vechain has a strong use case in the global supply chain, and companies are starting to take note of it. Already, Vechain has inked deals with companies like BMW, Haier, and Shanghai Gas.

🧵5/5 Is $VET a Sleeping Giant?

Only time will tell but I believe that VET is a sleeping giant.

The Vechain foundation’s pivot into empowering individuals to start or partake in sustainable actions is commendable! How many blockchains do this?

For additional information:…

— UNO 1 (@UNO__1_) December 2, 2024

Even more bullish for Vechain is the fact that its VeBetterDAO was established in partnership with Boston Consulting Group, one of the most respected consultancy firms in the world. This gives Vechain strong credibility in its core market and could lead to more partnerships. The same could be reflected in its price, especially because Vechain’s use case is also intertwined with the fast-growing RWA narrative that is driving FOMO in Chainlink and ONDO.

Recap

Overall, there is a confluence of bullish factors around Vechain. These factors play into its advantage both in the short and long term. In the short term, Vechain could be looking at $0.10. As its use case gets more appreciated and the bull market gains traction, Vechain could be headed to $1 or higher.