VeChain (VET) “Turbo Trigger” Activated? Price Could Reach $1

• VET is positioned for significant moves, targeting key Fibonacci retracement levels.
• Short-term targets suggest potential upward momentum based on Fibonacci analysis.
• RSI and MACD indicate a consolidation phase with neutral market sentiment.

VeChain (VET) is poised for a potential price breakout. The cryptocurrency is currently trading at $0.02248, down 3.75% over the past 24 hours.

Historical data suggests VET could be entering a “Turbo Trigger” phase. Based on the previous cycle, VET could reach Fibonacci retracement levels of 1.236, 1.414, and 1.618, converging around $1.

For a more cautious perspective, the analyst identified potential short-term targets at Fibonacci levels of 0.702 ($0.11466), 0.382 ($0.04279), and 0.236 ($0.02729). The marked levels serve as possible price points in the event of upward momentum. 

Source: EGRAG CRYPTO

Also, extreme long-term targets have been identified at $0.19888 (projected increase of 6,538.99%) and $0.85850 (projected increase of 6,538.81%). These high projections point out the potential for returns over an extended timeframe.

VeChain (VET) Current Market Performance

The trading market for VeChain reflects a relatively low market capitalization of approximately $1.81 billion, with a trading volume of $24.78 million over the past 24 hours. This volume shows reduced activity and investor interest in the short term, as evidenced by the Vol/Mkt Cap ratio of 1.36%. 

Source: CoinMarketCap

Despite the recent price decline, the daily chart reveals that the crypto asset has been trading within a range, facing resistance near $0.024 and support around $0.020. 

The MACD indicator shows a slight bearish momentum, with the MACD line below the signal line, although the histogram remains relatively flat. 

Source: TradingView

Additionally, RSI currently sits at 48.31, just below the neutral midpoint of 50. This positioning suggests that VET is neither overbought nor oversold, further supporting the idea of a consolidation phase.