VeChain price looks ready to explode toward $0.04 for these reasons

VeChain price validated last month's bullish trade idea. Traders who partook in the move may be enticed to aim for extended targets as the technicals show a strong bullish presence. Key levels have been defined to gauge VET's next potential move.

VET price can continue higher 

VeChain price shows tempting bullish signals as the VTHO-powered blockchain is inching away from a breakout. Last month, a bullish trade idea was issued on October 19, suggesting VET could rally 15%, which could be a part of a larger move towards $0.04. On Saturday, November 5, the bulls accomplished the first half of the trade idea, rallying 16% to a new monthly high at $0.02638.

VET price currently auctions at $0.02628, just below the newfound monthly high, as a strong bullish surge has commenced after a weekend decline. An uptick in bullish transactions accompanies the surge in the Volume Profile Indicator. The Relative Strength Index (RSI) also displays the new monthly high as extremely overbought. 

VET/USDT 8-Hour Chart

Combining these factors, VET's technicals could be genuinely bullish. If market conditions persist, a rally toward $0.031 will be the next pit stop before reaching the $0.04 target zone. 

Invalidation of the uptrend thesis remains below the swing low at $0.021 as per last month's thesis. Traders in profit could move to break even while looking for more entries. If the invalidation is tagged, the bears could re-route south, targeting the $0.018 liquidity levels. Such a move would result in a 30% decrease from the current VeChain price.

In the following video, our analysts deep dive into the price action of VeChain, analyzing key levels of interest in the market. -FXStreet Team