based on materials from the site - By CoinsProbe
The cryptocurrency market is confidently in a bullish mood: Ethereum (ETH) has surpassed the $4300 mark for the first time since 2021. This weekly increase of 22% has sparked a broad rally, with major altcoins, including VeChain (VET), catching the growth momentum.
VET has demonstrated an impressive weekly increase of 11%, but more importantly, a harmonic pattern is now displayed on its price chart, which may indicate its next major move.
On the daily timeframe, VET is forming a bearish harmonic pattern ABCD - a structure that, despite its 'bearish' name, usually includes a bullish segment CD before the price reaches the potential reversal zone (PRZ). The pattern started with a rally from point A around $0.01832 to point B around $0.02746, followed by a pullback to point C at $0.02178, where buyers activated. Since then, VET has sharply bounced back and is currently trading around $0.02574, indicating that the CD phase is in an active stage.
A decisive move above the 100-day moving average ($0.02679) will be a key technical trigger, enhancing the bullish outlook.
What lies ahead for VET?
If the momentum continues and VET surpasses the 100-day moving average, the next growth target is near the PRZ zone at the Fibonacci extension level of 1.195 from the BC stage, around $0.03109, representing a growth potential of about 21% from current levels.
However, if the price fails to hold above the 100-day moving average, it could trigger a pullback to the 200-day moving average at $0.02475, which should serve as reliable support to maintain a broader bullish structure.
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