In a striking parallel to its past performance, VeChain (VET), often referred to as the forgotten Chinese Ethereum, seems to be amid a consolidation phase reminiscent of 2018-2020. According to an analysis by Ali_charts, a known crypto analyst, this pattern could lead to a significant breakthrough as VET potentially breaches the $0.033 resistance barrier in the next two weeks.
Significantly, investors could look at a remarkable 150% price increase if this trend continues, with VET reaching as high as $0.077, marking a 150% increase by late January. This development has caught crypto enthusiasts’ attention, eagerly anticipating whether VeChain can replicate its historic upswing.
Currently, VeChain’s price stands at $0.030956, witnessing a 5.84% rise in the past 24 hours. This uptrend, combined with periods of consolidation, suggests a bullish momentum. The weekly price chart by Ali Charts further illuminates this uptrend. It reveals a +7.45% increase from the opening price, with the highest and lowest prices of the week being $0.031678744 and $0.025258000, respectively. Moreover, the chart’s bullish green candlesticks and breakout above resistance signal a strong upward momentum.
Additionally, Tangem, a popular Swiss-based hardware wallet maker, announced its plans to integrate the VeChain network. This integration, expected in early January 2024, further bolsters the positive outlook for VeChain. Tangem’s decision aligns with a broader crypto market recovery and the recent spike in the VET token.
Moreover, VeChain’s launch of a new marketplace for buying and selling nodes has significantly improved the ecosystem’s robustness. The official VeChain Node Rewards platform has seen updates, allowing users to view, bid, sell, and transfer Economic / X-Nodes. Hence, this new offering is set to enhance VET rewards and foster a vibrant network economy.
Therefore, VeChain’s trajectory seems promising as the combined effects of market recovery, the Tangem integration, and the innovative marketplace for nodes contribute to a bullish outlook. Investors and traders keenly observe these developments, looking for potential buy or sell signals as VeChain navigates through this exciting phase.
