XRP News Today: VET Near Key 0.618 Fibonacci Level Sparks Bullish Fractal Outlook

The cryptocurrency market is currently undergoing a broad correction, with Ethereum (ETH) retreating from a key resistance level near $3,940 and settling at $3,620, marking a 4% weekly decline. This downward pressure has extended to altcoins, with VeChain (VET) losing 6% in the past week and its monthly gains reduced to 11% [1]. Amid this bearish trend, however, technical analysts are highlighting a potentially bullish development for VET.

An emerging fractal pattern on VET’s daily chart has drawn attention, closely resembling a similar structure observed in XRP recently. XRP completed the CD leg of a bearish bat harmonic pattern, finding strong support at the 0.618 Fibonacci level of the BA leg. This support acted as a catalyst, propelling XRP to reclaim its 50-day moving average and eventually rally over 90% toward point D [1]. The similarity between XRP’s and VET’s structures is striking, with VET currently holding near the same 0.618 Fibonacci support level and hovering around its 50-day moving average—key indicators of a potential reversal [1].

If VET continues to maintain its position above the 50-day moving average and follows the fractal pattern seen in XRP, it could signal the start of a new upward phase. Analysts suggest that, based on the structure, VET could see a 58% move toward a target price of $0.036 before the pattern completes [1]. However, for this bullish scenario to remain valid, VET must hold key support levels at the 0.618 Fibonacci level and point C, currently at $0.02114. A breakdown below these levels could invalidate the setup and reinforce bearish momentum.

The broader market backdrop remains challenging, with Ethereum struggling to regain momentum and altcoins like VET feeling the ripple effects of the larger market sentiment. While the fractal setup provides a compelling case for a rebound, investors are reminded that market conditions can shift rapidly, especially in the highly volatile crypto space. As always, due diligence and personal research are essential before making investment decisions [1].

Source: [1] VeChain (VET) To Bounce Back? Key Emerging Fractal Setup Saying Yes! (https://coinmarketcap.com/community/articles/68932a7de874124e573c7a10/)