VeChain (VET) is showing strong potential for significant price increases, having recently surged by almost 75% over the last month. This surge is particularly noteworthy as it signifies a breakthrough in critical resistance levels, as crypto analyst Crypto Yapper highlighted. Breaking through these resistance levels on the weekly timeframe suggests a bullish momentum for VET.
Vechain (VET) Potential to Reach $0.08
When mentioning breaking horizontal resistance, it means that the price of VET has surpassed a key level that, historically, it has struggled to move past. This breakthrough often indicates a shift in market sentiment toward more positive outlooks for cryptocurrency.
On this breakout, VET now becomes an obvious target; Crypto Yapper’s analysis points to a new target at around $0.08. This becomes an obvious target in which traders and investors would be interested in knowing where the price could go.
And recent weeks have also manifested continued strong performance by VeChain. “Sustained positive performance such as this can draw in more investors and traders to the asset, potentially leading to further price appreciation.
Analyzing Cryptocurrency Trends & VET’s Potential
The sequence typically follows: Bitcoin hitting its all-time high (ATH), then Ethereum hitting its ATH, followed by various alternative cryptocurrencies reaching their ATHs. Money tends to circulate among different cryptocurrencies once Bitcoin stabilizes. Many alternative cryptocurrencies still remain at around 70% to 80% of their ATH levels.
Moreover, reflecting on the 2021 Altseason, VET experienced a remarkable surge of 1680% over 18 weeks. Applying similar metrics, there’s a potential for VET to reach $0.50 by mid-June.
As of the current moment, the price of VeChain stands at $0.049210, with a 24-hour trading volume reaching $250.53 million and a market capitalization of $3.58 billion. Over the past 24 hours, the price of VET has experienced a decrease of 4.11%.
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