- VeChain is showing signs of recovery after a steep decline, with a slight 0.14% price increase in the last 24 hours.
- The formation of a descending wedge pattern suggests a potential bullish breakout.
- Key support lies between $0.025–$0.027, while a breakout above $0.035 could confirm upward momentum.
- If bullish pressure continues, VET could target $0.05925, with higher resistance levels at $0.07697 and $0.09725.
VeChain (VET) is showing promising signs of recovery after enduring a period of extreme turbulence and a sharp decline in value due to broader market instability. Over the past 30 days, VET has suffered a 39% drop, while the last week alone saw an 18% decline, reflecting the overall bearish trend in the crypto market. However, with Bitcoin leading a fresh surge, altcoins, including VeChain, are starting to regain momentum, hinting at a potential trend reversal.
At the time of writing, VeChain is priced at $0.027552, with a 24-hour trading volume of $88.12 million and a market capitalization of $2.23 billion. Despite the recent downtrend, VET has managed a 0.14% price increase in the last 24 hours, suggesting that buying pressure is gradually returning.
VeChain Gearing Up for a Potential Rally
From a technical perspective, VeChain is forming a descending wedge pattern, a well-known bullish reversal indicator. This formation suggests that once the price breaks out, a significant upward move could follow.
The key support zone for VET lies between $0.025 and $0.027, marking a strong accumulation area where buyers have historically stepped in. A breakout above $0.035 would confirm a bullish shift, potentially paving the way for further gains.
If bullish momentum sustains, VeChain could target $0.05925 as its first major resistance level, followed by $0.07697 as the second target. In an extended rally, VET could aim for its ultimate bullish target at $0.09725.
Given Bitcoin’s ongoing surge and improving market sentiment, VeChain appears poised for a potential comeback. However, the next few days will be crucial in determining whether VET can sustain its recovery or if further consolidation is needed before a breakout occurs.
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