Altcoin season, as many traders and investors hope, will be knocking soon at the doors, considering the likes of VeChain have appeared to be the biggest gainers
Technical analysis of VeChain on a weekly timeframe suggests a bullish outlook. The price action has broken out of a key weekly resistance zone at $0.063, indicating a potential uptrend.
The price is currently trading above the 25% Fibonacci retracement level, which could provide support for the bulls. If the price manages to close above the high of $0.1, it could trigger a further rally towards the $1 mark.
However, the price is facing resistance at the 50% Fibonacci retracement level ($0.1) and the 100% Fibonacci retracement level ($0.18). If the price fails to break through these levels, it could lead to a pullback in the short term.
Overall, the technical analysis indicates a bullish trend for VeChain, with potential for further upside in the coming months.
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