Despite the market downturns, VeChain (VET) shows incredible resistance, making it well-positioned for potential significant value surges. It has grown within a rising trend channel over the medium to long term, which indicates robust progress as investor interest expands. Following a break out of the double top formation, VeChain met its target at 0.04. Though the price is recovering, the pattern also implies the likelihood of further drop being tested currently on support level at 0.04.
Although this support test may elicit a positive response, any downward break below 0.04 would imply a bearish trend. Notably, volume changes are closely related to price moves, which reinforce the current direction taken by price. According to latest update from CoinMarketcap, VeChain has a price of $0.040873 with a 24 hour trading volume of $87.87 million and market capitalization stands at $2.97 billion.VET price is down by -0-34% during the last day.
VeChain (VET) Long-term Potential to Hit $1.23
Current analysis of VeChain’s (VET) position shows a significant potential break as it comes close to and aims at breaking above its 200-week Simple Moving Average (SMA). This moving average is a widely watched technical analysis indicator, which often signifies long-term trend shifts. Crossing this threshold means that the VET could likely reverse or continue its upward momentum.
The prevailing narratives in the tech space, particularly around the Internet of Things (IoT) and Artificial Intelligence (AI), also help to reinforce bullish sentiment on VET. By integrating blockchain technology with IoT and AI applications, VeChain positions itself favorably within these sectors, possibly driving up investor confidence and market demand for the token.
With these factors in mind, traders and investors are growingly expecting that VET could soon reach its all-time high (ATH). This ATH represents a significant milestone and is a psychological barrier for many market participants. Achieving and surpassing this level could trigger further buying pressure and propel VET to new heights.
The analysis points to a price target of $1.23 per VET. This target is based on technical analysis indicators, market sentiment, and fundamental factors driving the cryptocurrency’s value. It represents a notable increase from current levels and underscores the bullish outlook for VET in the near term.
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