VeChain (VET) has had a rough ride, stuck in a downward trend for months. But recently, it’s starting to show signs of life. After seven months, VET has broken out, riding the wave of a broader crypto market recovery. But is this a sign of something bigger? Let’s take a closer look.
Right now, VET is priced at $0.033023. But there’s a big obstacle ahead—resistance at $0.034733. If VET can push past this, we might see it climb higher. But that’s easier said than done. The price will likely face some struggles before it can break through.
There are some positive signs. The 20-day moving average is close to crossing above the 200-day moving average. That’s usually a sign of an upward trend. The MACD is also looking good. The line stays above the signal line, which shows bullish potential. Even though the MACD histogram shows less green, the trend is still positive.
VeChain’s RSI is at 65.43. This means VET isn’t overbought yet, so there’s room for growth. The ADX is at 37.95, which shows the current trend is strong. It suggests the bullish move could stick around for a while.
Despite recent gains, VET is still down 88% from its all-time high of $0.2782. Back in March 2024, VET hit $0.055140 but couldn’t hold on. If VET wants to get back to those highs, it needs to break through a few more resistance levels.
With Bitcoin pushing toward $100k, the whole market could stay bullish. If Bitcoin keeps rising, altcoins like VeChain could follow. But VET still has a lot of work to do to reach new highs. The key will be whether it can push past those resistance levels.
In short, VeChain is showing signs of life, but it’s still got a long way to go. If the momentum continues, we could see a bigger rally. But VET needs to break through resistance to reach those past highs. Stay tuned and watch how VET performs.
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