• 28 May, 2024
Market News

VeChain (VET) Poised for Growth Following Successful Support Retest

VeChain (VET) is exhibiting promising signs of a major bullish trend, according to analyst World Of Charts on X. The analyst highlights that VeChain is currently bouncing from a solid support level, indicating a successful retest in the accumulation zone. This development could potentially lead to a significant bullish wave in the coming weeks, with expectations of a 400-500% increase.

The price movements of VeChain against Tether (USDT) from late 2020 to mid-2024 can be segmented into three distinct phases. During the initial bullish phase, from late 2020 to mid-2021, VeChain experienced a significant upward trend, culminating in a peak around April 2021 at approximately $0.2800. This phase marked the beginning of substantial investor interest and positive market momentum.

Following the peak, VeChain’s price entered a prolonged downward trend during the extended bearish phase from mid-2021 to mid-2022. This period was characterized by multiple lower highs and lower lows, with the bearish trend persisting until around June 2022, when the price bottomed out at approximately $0.0200. This phase highlighted the volatility and challenges faced by the cryptocurrency.

From mid-2022 to mid-2023, VeChain’s price moved within a horizontal consolidation pattern, with resistance around $0.0300 and support near $0.0200. The recovery began in mid-2023, with the price reaching a high of approximately $0.0500 by the end of the year. This consolidation and recovery phase indicated a stabilization of the market and the potential for future growth.

The analysis highlights several key resistance and support levels crucial for VeChain’s future price movements. The primary resistance level is identified at approximately $0.0420, aligning with the recent peaks observed in early 2024. The support level is marked at approximately $0.0300, which has acted as a strong base during the consolidation phase.

The chart analysis suggests a potential breakout above the $0.0420 resistance level. If successful, the projected target is approximately $0.19162, representing a potential gain of around 552.97%. This target reflects the optimistic scenario of a significant bullish wave, as anticipated by the analyst.

As of today, VeChain (VET) is priced at $0.03581, with a 24-hour trading volume of $63,238,087.54. This reflects a 5.49% price increase in the last 24 hours and a 2.88% price increase over the past 7 days. With a circulating supply of 73 billion VET, VeChain’s market capitalization stands at $2,604,141,333. Over the last week, VeChain has outperformed the global cryptocurrency market, which is up 1.90%, and has also outperformed similar Smart Contract Platform cryptocurrencies, which are up 2.10%.

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