VeChain (VET) has been on an impressive upward trajectory, seeing a 14.09% surge recently, reaching $0.06231 from its key resistance level of $0.05561. This sharp rally has fueled speculation about whether VeChain could soon break through the $0.10 mark. As the price climbs and technical indicators continue to favor the bulls, many traders and investors are keen to understand whether this momentum can be sustained. Here’s a closer look at the key factors supporting VeChain’s growth and whether $0.10 could be within reach in the near future.

VeChain’s current price action indicates strong bullish momentum. The coin has successfully retested and held support at $0.05561, which has acted as a solid foundation for the rally. The Relative Strength Index (RSI) stands at 61.34, suggesting that while VeChain is firmly in bullish territory, it is not yet overbought. This implies that there is still room for growth without the immediate risk of a price correction. Additionally, VeChain’s price has reclaimed the 38.2% Fibonacci retracement level at $0.05672, reinforcing the upward trend. The next significant resistance level is $0.065, and many market participants are looking for a breakout above this barrier.

Another important factor contributing to VeChain’s rise is its growing social dominance. Over the past few days, VeChain’s Social Dominance has increased from 0.211% to 0.239%. Social dominance measures the level of engagement and discussion around a particular asset within the crypto community. As more traders and investors discuss VET and show interest in the coin, this could lead to more buying pressure, propelling its price even higher. This uptick in social dominance often signals a growing following, which could help fuel continued upward momentum.

In addition to the social buzz, VeChain’s market sentiment remains predominantly bullish. The Long/Short Ratio, which measures the balance between long and short positions, stands at 1.23, with 55.16% of traders holding long positions and 44.84% holding short positions. This indicates a generally optimistic outlook in the market, as more traders are betting on a price increase. However, the relatively balanced ratio between long and short positions also suggests that traders are remaining cautious and may be prepared for short-term fluctuations. While the overall sentiment remains positive, it’s important to note that there is still some level of uncertainty, which could lead to volatility in the short term.

VeChain’s funding rate also remains stable, currently at 0.0098%. A stable funding rate suggests that the market conditions are healthy, with a good balance between organic demand and speculative trading. Unlike other markets that may experience sharp price fluctuations due to excessive leverage, the stability in VeChain’s funding rate signals that the coin’s price movement is based on genuine market interest rather than short-term speculative behavior. This is a positive sign for long-term investors, as it suggests that the current growth is sustainable and not driven by hype.

Looking at VeChain’s potential in the near future, the key level to watch is $0.065. If VeChain can successfully break this resistance level, it could open the door to further price appreciation, with $0.10 becoming the next key target. If the current bullish momentum continues, traders could see the price move past $0.065 in the coming days, putting VeChain on track for continued gains. A successful breakout from this level would likely trigger a surge in buying activity, pushing the price closer to the $0.10 mark.

In summary, VeChain’s recent price surge, along with the strong technical indicators and growing social interest, paints a bullish picture for the altcoin. The combination of stable market conditions, rising social dominance, and positive sentiment suggests that VeChain could be on the cusp of a significant rally. If VeChain can break through the $0.065 resistance level, there’s a strong likelihood that it will continue its ascent toward $0.10. Traders and investors will need to keep a close watch on these key levels and market indicators in the coming days to gauge whether the bullish trend will continue. If VET can maintain its momentum, $0.10 could become a realistic target for the near future.