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.
The post Vechain price spikes 28% as BTC and ETH see double-digit gains appeared first on Coin Journal.
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