VeChain Shows Bullish Momentum After Key Resistance Breakout, 2x Incoming?

VeChain (VET) has demonstrated notable bullish momentum in recent days. According to a recent analysis by World Of Charts, VET has broken through key resistance levels, signaling a potential trend reversal. The cryptocurrency has already seen a 28% profit increase and is poised for further gains.

The chart provided by “World Of Charts” indicates that VET was trapped in a downward trend channel since March. This channel featured lower highs and lower lows, signifying bearish sentiment. Recently, VET managed to break out of this descending channel, suggesting a shift from bearish to bullish sentiment. This breakout marks a significant technical development, as breaking out of a descending channel often leads to increased buying interest and upward momentum.

One of the key highlights of the chart is VET’s ability to surpass significant resistance levels. These levels had previously acted as ceilings, preventing upward price movements within the channel. The breakout above these resistance levels indicates heightened bullish momentum. This positive development aligns with the recent statements by “World Of Charts,” confirming that VET has indeed broken another key resistance.

As of today, VET is trading around $0.03213, showing a notable upward movement. The highlighted area on the chart indicates a potential price target of around $0.05300. This target implies a further 111.87% increase from the breakout point, reinforcing the bullish outlook.

In addition to the technical analysis, VET’s market performance has been impressive. The cryptocurrency has seen a 9.71% price increase in the last 24 hours and a 33.98% increase over the past seven days. With a 24-hour trading volume of $75,126,129, VET is valued at a market cap of $2,607,370,060. This performance is particularly notable as VET is outperforming the global cryptocurrency market, which is up 9.90%, and other Smart Contract Platform cryptocurrencies, which are up 15.50%.

The highest price ever paid for VeChain was $0.281 on April 19, 2021. Comparatively, the current price is 88.61% lower than the all-time high. Despite this, VET has shown a significant 34.30% price increase in the last seven days, indicating robust performance and investor confidence.