VeChain hits KEY support! – Examining odds of VET’s 40% rally

Key Points

1. VET's price surged 7.25% in 24 hours, breaking its prolonged bearish trend and trading near $0.0225 at press time.

2. Technical analysis indicates VET is forming a bullish double-bottom pattern, with a key support level at $0.019 that has historically led to rallies.

3. If VET stays above $0.022, it could rally up to 40%, potentially reaching $0.032; falling below may trigger a pullback or consolidation.

4. On-chain metrics show bullish sentiment, with 65.76% of traders holding long positions and a Binance VETUSDT Long/Short Ratio of 1.92.

5. Despite recent gains, VET remains below its 200-day EMA, indicating it hasn't fully exited a bearish phase.