Date: Sun, February 9, 2025 | 05:08 PM GMT
Despite Bitcoin (BTC) maintaining momentum, major altcoins have been struggling to hold their ground. Since the November rally, many altcoins have undergone a steep correction, largely influenced by the rise in BTC dominance, which increased from the December 4 low of 54.96% to its current level of 61.45%, adding bearish pressure on altcoins.
Among the altcoins, VeChain (VET) has not been spared. Over the last 60 days, VET has dropped by more than 43%, now trading around $0.032. However, recent price action suggests that a upside move could be brewing.
VET Retests Key Breakout Level
According to chart analyst Bit Amberly, VeChain (VET) has successfully broken out of a three-year-long symmetrical triangle pattern on the weekly timeframe. The breakout occurred in November 2024 when VET surged above the triangle’s upper resistance trendline at approximately $0.037, pushing its price to a local high of $0.079 on December 3.
However, due to recent market turbulence, VET briefly retested this breakout level, making a low of $0.027 before bouncing back to its current price of $0.032.
According to analyst, VeChain has successfully retested the breakout level of the symmetrical triangle pattern on the weekly chart. Additionally, the price has found support at the 100-week moving average (MA 100), which historically acts as a strong support zone.
Can VET Sustain the Momentum?
The symmetrical triangle breakout is a bullish continuation pattern, and its successful retest could indicate the beginning of a strong upward move. If Bitcoin and the broader market continue recovering, VET might be poised for a significant rally.
However, traders should closely monitor Bitcoin’s dominance and overall market sentiment, as they will play a crucial role in determining VET’s next move.
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