VeChain Price Soars 15%, But Can It Continue Against Ominous Downtrend?

VeChain's price surged 15% in the past 24 hours and 48% since last Wednesday, August 19th. The altcoin's gains coincided with a rally in Bitcoin and a subsequent boost to the overall altcoin market. The increased trading volume of VeChain, compared to its 20-day average, suggests capital rotation into altcoins drove the price higher.

The speculative interest sparked by this movement has helped maintain momentum, but the long-term downtrend remains intact. A crucial question for holders and traders now is whether the price can continue rising or if it's time to take profits as Bitcoin approaches a key supply zone, increasing the chances of a sell-off.

An examination of the Fibonacci retracement levels shows that VeChain has been in a bearish swing structure despite its recent rally. The golden pocket between $0.00619 and $0.0073 is currently being tested, with the latter level 10% away from current market prices. This could lead to a continuation of the rally before facing rejection.