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- Positive social metrics, such as a rise in VeChain’s Social Dominance, indicate growing market interest, often a precursor to price increases.
- VET’s Long/Short Ratio of 1.23 reflects bullish market sentiment, supported by neutral funding rates and organic trading activity.
VeChain price has rallied in recent periods, retesting the critical resistance of $0.05561 and reaching a high of $0.06238 on Thursday, December 12. Market participants are discussing whether or not VeChain (VET) can sustain this momentum ahead. However, the VET price slumped significantly in today’s trading session. Nonetheless, technical indicators suggest a bullish outlook for VET.
Furthermore, the platform recently released its Renaissance roadmap, thereby entering a period of historic upgrade, per the CNF report.
VeChain Price Technicals Indicate Bullish Trends
Recently, despite a few declines, VET price movements stayed upward and consistent, driven by strong technical factors. The altcoin has established a significant support area at $0.05561 to make further growth on this level possible. Meanwhile, the RSI is at 61.34, showing positive momentum without revealing an overbought market.
Moreover, Fibonacci’s retracement analysis showed that VET successfully reclaimed the 38.2% level at $0.05672. The next key resistance level is identified at $0.065, suggesting potential room for continued VET price growth in the short term.
Furthermore, VeChain’s social metrics also gained positive momentum. Social Dominance increased to 0.239% from 0.211% the previous day. This positive momentum shows that more crypto users are talking about VeChain, which usually leads to more price moves. More social attention usually attracts more traders, pushing the trend even higher.
Sentiment around the VET market has indeed slanted toward the bullish spectrum, and this is portrayed well in its Long/Short Ratio. As of its report date, the said ratio stood at 1.23, with 55.16% of all traders long, while 44.84% were on the short side.
On that account, even though long-skewed, the relatively tiny space between longs and short points to caution in the markets. Such a balance means the markets may swing when the players watch for turnaround points.
Meanwhile, VET’s OI-Weighted Funding Rate remained unchanged at 0.0098%, with market conditions neutral. Since no extreme leverage is seen here, this suggests that the present uptrend is driven more by organic trading activity rather than speculative excesses. This will tend to reduce the odds of steep corrections and keep the gains of VET sustainable during recent times.
Resistance Levels To Watch For VET Price
As the VET price surged to $0.06238 in the last 24 hours, the key level to watch is $0.065. A successful breach of this resistance could open the door to further gains, reported CNF. The consistent rise in social dominance, combined with healthy market sentiment and technical strength, positions VET as a coin of interest in the current market climate.
The market players will probably continue to follow the developments as VeChain continues its upward movement. Moreover, analysts have offered a target of $0.10 in case of a successful breakout. However, for this, the VeChain price has to recover from the current trend, wherein it trades at $0.05879, down by 4.35% on Friday, December 13.
