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VeChain (VET) is witnessing a notable resurgence, marked by a significant uptick in its market value. At the time of writing, the current price of VET is $0.041569, which comes tied to a strong 24-hour trading volume that stands at $142.52 million as well as a market capitalization of approximately $3.02 billion. Over the past day, VET has surged by 8.07%, indicating there is still considerable strength behind its rebound.
Source: CoinMarketcap
VeChain (VET) is moving up within a medium- to long-term rising trend channel. This means that investors keep buying the coin at higher prices during these periods, thereby indicating positive growth prospects.
Notably, the currency has achieved its target of $0.04 subsequent to the breach of the double top formation. Although the price has surged once more, the formation hints at a potential further decline. Presently, the currency is undergoing a crucial test of support at the $0.04 mark.
Source: Tradingview.com
Nonetheless, at this level, receiving a positive response could cause the market to have a positive reaction; notwithstanding, failure by the price to go below $0.04 will indicate negativities on VET’s future performance.
VeChain Retracement Sparks Bullish Outlook
VeChain (VET) was recently analyzed by Crypto analyst Rekt Capital. The analyst explained that VeChain had retested into the light blue area and is now closely aligned with the anticipated green path on the chart. The retracement implies a change in market sentiment toward VET.
However, this spot used to serve as Range High before indicating its price action significance throughout history. Perhaps it can turn into a new Range Low support level thereby implying an end of ongoing trend reversal. Currently, VeChain is retesting this territory, which makes it an essential moment for its price.
In addition, Crypto Yapper, another prominent analyst, has pinpointed a Falling Wedge pattern forming on the 4-hour timeframe for VeChain (VET). This pattern typically suggests a bullish bias and often precedes an upward breakout.
This pattern recognition gives further credence to the positive outlook of VeChain’s price trajectory. Both analysts are bullish hence creating prospects for positive price action soon at VeChain. Investors and traders are advised to watch these events closely for confirmation of an expected upward move.
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