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VeChain has recovered its bullish momentum.
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The supply-chain crypto gained 134% in three weeks.
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Analysts keep an eye on VET’s milestones.
VeChain’s (VET) bullish momentum has returned following a 134% increase in price over the past three week period. This was fueled by a broader resurgence of the crypto market after Donald Trump won the U.S. Presidential election. TradingView data shows VET’s recovery after a prolonged bear market that wiped out 90% its value in the last three and a quarter years.
During the 2021 bull market, VeChain hit an all-time record high of $0.28. This represents a 10,500% increase. During the extended bear market, however, the cryptocurrency lost the majority of its value.
VET’s massive decline left a pattern of downtrend that highlighted significant levels, which could influence the altcoin recovery pattern when the bull market returns. Crypto analysts predict a trend for VET’s rejuvenation and recovery.
VET’s monthly charts shows a notable resistance around $0.055, which technical analysts consider a target price for the cryptocurrency. VET can break above this level to pursue the first Fibonacci Resistance at $0.075.
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History of crypto market behavior shows that most cryptos will aim for their all-time highests during a bull run. VET has a huge task ahead of it, given the altcoin’s decline in the last bear market. It is not impossible, as many cryptocurrencies have achieved and exceeded this goal, even during the current bull market.
VET must maintain its bullish momentum by displaying significant trading volume, and meeting key price milestones. Investor confidence is boosted by climbing above the 0.236 Fibonacci and reclaiming $0.1 psychological level.
VET was trading at $0.043 as of the time of this writing, after a 30% surge since the opening of the current trading session.
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