VeChain (VET) Price Pumps as Risk Assets Gain on US-China Trade Deal

The cryptocurrency market experienced a surge on Monday, with Bitcoin breaking to highs above $105k as risk assets rallied on news of a US-China trade deal. Amidst this optimism, VeChain (VET) price clocked gains of about 7% as the altcoin reached highs of $0.034 for the first time since mid-February.

As the broader market’s upbeat mood helped top coins higher, VeChain demonstrated its resilience as VET extended gains to a multi-month peak. Bulls defying recent downward pressure could indeed see the cryptocurrency explode.

According to CoinMarketCap, VET is currently trading at $0.033, with the price up 32% in the past week and 44% in the past month. The gains mirror robust underlying upside momentum for BTC and alts.

VeChain indeed suggests an extended gain, given bulls have broken out of a key technical pattern on the weekly time frame. The technical outlook for VeChain and broader market expectations suggest buyers may be just getting started.

Earlier, analysts at Santiment said the US-China deal could be huge for the markets. VeChain will ride any upward momentum.

“If this deal indeed does immediately reduce the impacts on exporters & importers for both countries, we should see an instant bullish impact on all markets,” the analysts stated.

VET price: Is a 300% pump next?

A glance at the price chart for VET on the weekly time frame suggests bulls have broken out of the falling wedge pattern formed since the dip from $0.069. A closer look at the weekly chart reveals a potentially bullish continuation.

Other than the falling wedge breakout, VET price shows the Relative Strength Index (RSI) is still pointing up as it now stands at 53. This shows the coin is neither overbought nor oversold.

This also leaves room for bulls to attack the next resistance levels.

Meanwhile, the Moving Average Convergence Divergence (MACD) is also signaling a potential bullish crossover. As it stands, the MACD line is just about to cross above the signal line.

If this happens, the momentum could carry the VeChain price to even higher levels.

Previously, VET surged from lows of $0.020 to reach highs of $0.08. The vertical performance also came after a falling wedge pattern breakout in October 2024.

If VeChain repeats this, gaining by over 300%, bulls could hit $0.094 or higher. A break to the psychological $1 is possible in this scenario.

On the flipside, $0.024 and $0.020 will be key support zones.