Bitcoin’s rebound above $47k has catalysed gains across the altcoin market, with VET among the biggest gainers
Vechain price has soared by more than 28% in the past 24 hours, with bulls likely to achieve a daily close above $0.12 for the first time since 16 September.
The VET token price is currently hugging the line near the above price target after buyers blitzed past the psychological barrier at $0.10. As the broader market looks to extend the gains seen on Friday, VET price could move towards another hurdle around $0.14 or higher.
The upside for Vechain comes as the overall market looks to stride into October on a bullish note. The majority of the cryptocurrencies are in the green after a choppy September punctuated by Bitcoin (BTC) and Ethereum (ETH)’s struggle amid bearish news from across the market.
As of writing though, BTC and ETH prices against the US dollar have recorded double-digit gains to break above $47,000 and $3,300 respectively.
VET/USD price outlook
The 4-hour chart shows Vechain is trading with a strong bullish perspective as buyers look to break higher. The VET/USD pair has climbed above both the 50 and 100 SMA, while the RSI is positive as it holds within the overbought territory.
VET/USD 4-hour chart. Source: TradingView
The increase in buy-side volume is likely to aid bulls’ attempts to ward off profit-taking deals as seen in the current candlestick. Bulls need to push above the blue horizontal line (near $0.11) to open up the path to $0.12.
If they achieve a close above this level on the next candle, buyers will no doubt push for $0.14 (red line that highlights the main resistance zone from August).
VET/USD hourly chart. Source: TradingView
On the hourly chart, VET price is looking to establish support near $0.11. However, the RSI suggests sellers are keen on the action and might fancy a retest of the first anchor around $0.10.
A rebound from here is likely, but if bearish appetite surges, VET/USD could revisit the demand zone around the 50 and 100 hourly SMAs at $0.091 and $0.089 respectively.
