- VTHO up by 286% post-Upbit listing, reaching $0.008414 with a $714.34M market cap, marking its highest level in four years.
- RSI at 77.93 suggests overbought conditions, hinting at potential corrections, while MACD signals continued bullish momentum.
- Bullish targets at $0.0095–$0.012, while retracement could test $0.0065 or deeper at $0.0050 amid profit-taking and market cooldown.
VeThor Token (VTHO) surged by 286% over the last 24 hours and is trading at $0.008414. This sharp rise has pushed VTHO to a market cap of $714.34 million, witnessing an increase of 280.73%.
The surge coincides with South Korean exchange Upbit listing the token. VTHO is an integral part of the VeChain ecosystem, primarily used to pay for transaction fees and smart contract execution.
Price Movement and indicators
Notably, the trading volume of VTHO surged to 61.56 billion. The token, which had been consolidating around $0.002 to $0.003, broke out to a high of $0.012, after four years.
The breakout was accompanied by increased buying pressure, pushing the current price up by 254.53% this week alone.The RSI is at 77.93, indicating an overbought condition. This could suggest a potential for a short term correction, though the bullish trend remains intact.
The moving average convergence divergence (MACD) also shows a bullish crossover with the MACD line at 0.000378 surpassing the signal line at 0.000148, suggesting continued upside potential.
Potential Scenarios
If bullish momentum holds, VTHO may continue its rally, targeting resistance levels at $0.0095 to $0.012. However, the overbought RSI hints at possible profit taking, which could see prices retrace to support zones between $0.0065 and $0.0070. A deeper pullback might even test the $0.0045 – $0.0050 range.
Santiment data shows a parabolic rally, with VTHO jumping from a low of $0.0027 to the current price levels. The MA50 at $0.003393 has crossed above the 200 day moving average (MA200) at $0.002791, forming a bullish golden cross. This move confirms a long term bullish trend, though the rapid rise suggests the market may slow down.
Price Projections
If buying pressure persists, VTHO could test resistance at $0.0095-$0.011, potentially climbing further to $0.012. On the downside, a correction could see prices retreat to $0.0065-$0.0070, with stronger support at $0.0050.