Vechain VET price has already climbed 22%, and the momentum shows no signs of waning. The breakout level above the 3.618 Fibonacci extensions of the 2018-2020 market at $0.097 is a relief for the bullish speculators after failed attempts within the last three weeks.

Since November 2020, Vechain VET has religiously held the 10-week simple moving average (SMA) on a closing basis, establishing a fortified digital token trend. Unlike other pullbacks, the March correction of 25% stayed well above the key moving average and any important retracement support levels of the 2020-2021 market.

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With a resumption of the trend, traders need to focus on the 4.618 extension level of the 2018-2020 market at $0.124 as the first line of resistance level. A more credible target is the 2.618 extension price level of the March decline at $0.141, yielding a 26% gain from the present price.

More aggressive traders need to focus on the 3.618 extensions of the March correction at $0.166. it's a 50% gain from the current price, but considering the magnitude of the breakout and therefore the trade volume commitment, it's a reasonable projection.

Charts on multiple timeframes point to $0.097 as the critical support for the rally, and any weekly close below the level will immediately shift the outlook to neutral. the next support is the March low at $0.075, followed by a mix of the 10-week SMA and the 0.382 retracement level of the 2020-2021 advance around $0.070.

If the critical moving average doesn't hold on a weekly close, it's a signal that the trend has changed and a far deeper correction is underway. The 0.50 retracement level sits at $0.057, and the 0.618 retracement level comes in at $0.044.

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