Vechain (VET) is recovering from its recent drop. Currently, VET is once again approaching the important resistance mark of 0.050, which it is testing for the second time in the past few weeks. This comes after a previous pullback from 0.055 to 0.043, highlighting the market’s continued interest in VET’s price movements. Over the last week, VET experienced a slight decrease of 1.78%, while VET showed robust performance in the last month and surged by almost 65%.
At the time of writing, the price of VeChain stands at $0.047773, accompanied by a 24-hour trading volume of $133.82 million and a market capitalization of $3.47 billion. Over the past 24 hours, the VET price has experienced an increase of 1.17%.
Vechain (VET) Rebound & Poised For Surge
Crypto Yapper, a crypto analyst, has noted an interesting development in the market, highlighting how VeChain (VET) is holding up well throughout this uptrend. However, there were fears that it could collapse below its immediate support, but instead, the current trend shows a significant rebound, indicating a bullish momentum.
This upward move implies that if it manages to sustain this level, it will be able to see a bullish confirmation on the support line, which will open doors for price increase chances. VeChain has bullish signals pointing towards optimism over possible price rises.
Furthermore, another prominent cryptocurrency analyst, Rekt Capital, has presented a noteworthy analysis of the VET price trajectory. In the graphs, we could spot that VeChain (VET) has recently returned back to Range High indicated with blue colour and therefore it successfully retested this mark.
After this retest, VET shows a huge bullish response, a boost of 21%. This is an indication of how strong buying interest has risen from support at these points. Right now, VET moves in perfect alignment with what is suggested by the green path, which favors the continuation of an uptrend that might result in price appreciation.
From a technical perspective, VET has provided clear confirmation of its breakout from the Macro Range, which extends from $0.026 to $0.039 and is highlighted by the black-blue boundary. This breakout signifies a potential shift in the long-term trend, with VET likely poised for continued upward momentum in the near future.
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