VeChain (VET) has bounced again above key assist at $0.03, stabilizing its worth motion after a steep correction in latest weeks. Extra importantly, VET’s charts at the moment are flashing a extremely bullish technical indicator that beforehand kicked off an explosive multi-year rally for the blockchain undertaking.

As famous by crypto analyst AJ on X, the VeChain token has printed a coveted “golden cross” sample on its two-day chart. This happens when a faster-moving common crosses above a slower-moving common, signaling bullish momentum alignment throughout totally different time frames.

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VeChain might hit $1.14 by October

The final golden cross emergence got here in June 2020 and preceded a parabolic 3,062% VET worth surge over the subsequent 300 days. Exhibiting that magnitude of return this time would hypothetically take VET to $1.14 by October 2024, in response to AJ’s projection.

After all, previous efficiency by no means ensures future returns, particularly with unstable crypto belongings. Nonetheless, market technicians view golden crosses as precursors of robust upside.

Within the nearer-term timeframe, VET seems to have halted its slide with a profitable retest of assist at $0.03.

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“So long as $0.03 continues to carry, look ahead to a rally to $0.035 which is resistance,” famous analyst Teshkid. “A reclaim of $0.035 then $0.038 and $0.04 will probably be my subsequent targets.”

Breaking under $0.03 assist dangers kickstarting VET’s subsequent leg decrease, with Teshkid eyeing $0.024 as the subsequent key draw back zone in that state of affairs.

After all, with altcoins, predicting exact targets or dates for enormous rallies quantities to educated guesswork at greatest. But, VeChain VET flashing its golden cross together with recovering from its latest plunge seems to be a constructive mixture for bulls after a brutal 2022 bear market.