VeChain price is up more than 25% this week. The bullish momentum may continue if VET crypto gains strength above a major resistance on the weekly chart. However, before getting deep into technical analysis, let’s have a look at the current state of crypto markets.
On Tuesday, crypto markets continued their yearly rally as the Bitcoin price broke above $44,000. At press time, BTC was trading at 44,058 which is only 1.5% below the yearly highs of 44,800. If the momentum sustains, the leading cryptocurrency may surge to fresh yearly 52-week highs soon.
This bullish BTC price action also caused a surge in altcoins. As a result, VeChain emerged as one of the best performing altcoin of this week as it extended gains for the 5th week in a row.
This translates into a 164% increase from its yearly low of $0.013 which was made in June 2023. However, the VeChain price prediction 2024 depends on the outcome of the ongoing retest of $0.034 level. Therefore, bullish continuation would only be possible if VET closes a week above this level.
This would put a retest of the 0.039 level on the cards which is a previous support and may now act as a resistance. Another bullish price target could be $0.052.
