• 26 May, 2024
Market News Markets

VeChain’s Potential Summer Rebound and Fall Growth Revealed

VeChain (VET) enthusiasts anticipate a turnaround, spurred by Ali Charts’ X post hinting at a potential upswing for the crypto asset. According to the analysis provided, fractals indicate that VET might be poised for a rebound this summer, with the possibility of explosive growth in the fall. 

Analyzing the historical data reveals intriguing patterns in VeChain’s price movements. In 2021, VET experienced a bullish surge, peaking mid-year before encountering a subsequent downturn. The following months saw a bearish trend, with prices plummeting sharply. However, by the end of 2022 and into early 2023, VeChain’s price stabilized, forming a support and resistance range.

Despite attempts to break above previous resistance levels in 2023, marked by long upper shadows on red candles, VET struggled to sustain upward momentum initially. Nevertheless, the chart highlights specific zones of interest, indicating potential future price movements.

Currently, the last candlestick in 2024 shows a slight bullish momentum, with a positive change of +0.68%. The presence of a dotted red line above the current price suggests a potential resistance level that VET might test in the future. Moreover, the upward projection after the current candlestick presents an optimistic scenario for significant price appreciation.

Transitioning to the present, the VeChain price is quoted at $0.036007, with a 24-hour trading volume of $43,653,582. The price represents a 4.27% increase, contributing to a market cap of $2,618,225,888. VeChain boasts a circulating supply of 72,714,516,834 VET coins and a maximum supply of 86,712,634,466 VET coins.

Source: TradingView

In terms of technical indicators, the VET RSI on the 4-hour price chart reads 53.94, indicating a neutral market state. However, the MACD reading of -0.00012346 suggests a lack of strong momentum in either direction. Traders may exercise caution and seek confirmation from additional indicators before making trading decisions.

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