VeChain and VET Experience Impressive Surge
The smart contract blockchain VeChain and its native token VET have seen a remarkable bullish movement, with a surge of 77% since the end of November. In the past seven days alone, VET has recorded a substantial 33.5% increase, reaching a new yearly high of $0.03806.
Excitement Among Crypto Analysts
Crypto analysts are excited about VeChain’s potential, noting its clear bullish momentum across various time frames. Rekt Capital highlights the progress VeChain has made in closing the “Volume Gap” and suggests that it is now primed to test the resistance wall between $0.0500 and $0.0600.
Resistance Levels for Further Gains
While VET’s prospects look promising, there are significant resistance lines that need to be overcome for further gains. If the token continues to rally above $0.0600, it will face resistance at $0.06170 and $0.06450 before reaching the $0.0700 level on its way to potentially reaching $1.
Potential Surge to $1.6 Based on Historical Patterns
Egrag Crypto believes that VeChain has the potential to reach $1.6 based on historical price movements. By analyzing a similar move from VeChain’s launch point, Egrag Crypto suggests that VeChain could replicate this move and surge towards the $1.6 mark or even Fib 1.618.
Uncertain Future Trajectory
While the future trajectory of VET’s uptrend remains uncertain, both Egrag and Rekt’s analyses indicate that VET is well-positioned to reach and surpass its previous all-time high. However, there is a potential risk of a correction if gainers sell off their tokens.
Hot Take: VeChain and VET on the Rise
VeChain and its native token VET have experienced an impressive surge in value, with analysts predicting further growth. The token has reached a new yearly high and shows clear bullish momentum. Resistance levels must be overcome for additional gains, but historical patterns suggest the potential for a surge to $1.6 or even higher. While the future trajectory is uncertain and there is a risk of correction, VeChain remains well-positioned to reach and surpass its previous all-time high.
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