- VeChain’s price rose as Bitcoin broke past $105k.
- As the crypto market rallies in response to tariffs-related news, VET is poised.
- Technical indicators suggest VET price could pump to $0.090 or higher.
The cryptocurrency market pumped on Monday, with Bitcoin breaking to highs above $105k as risk assets gained on news of a US-China trade deal.
Amidst this optimism, VeChain (VET) price gained by about 7% as the altcoin reached highs of $0.034 for the first time since mid-February.
VET mirrored the pumping that had most altcoins in green, and the Dow Jones Industrial Average was up more than 1,000 points on open.
VeChain price surges amid upward market trend
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?
The price of VET on the weekly chart 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 pointing up as it hovers near 53.
This indicates the coin is neither overbought nor oversold.
Room for bulls to attack resistance levels is there.
VeChain chart by TradingView
Meanwhile, the Moving Average Convergence Divergence (MACD) is also signalling a potential bullish crossover.
Currently, the MACD line is just about to cross above the signal line.
If this happens, the VeChain price could extend its upward momentum.
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.
