Cryptoupdates

07/12 07:19

VeChain hits KEY support! – Examining odds of VET’

VeChain hits KEY support! – Examining odds of VET’s 40% rally

With a 7.25% price uptick, VET has ended its prolonged bearish trend now poised for a rally. 

 

Key Takeaways

VeChain broke out of its bearish trend, surging 7.25% amid bullish momentum, rising volume, technical breakout, and strong long interest, setting sights on a potential 40% rally to $0.032.

VeChain [VET] has finally ended its prolonged bearish trend with an impressive upside momentum. 

This shift in the overall market structure comes after a period of uncertainty and volatility. All these have notably benefited VET, which is now poised for massive upside momentum.

At press time, VET was trading near $0.0225 and recorded a price surge of over 7.25% in the past 24 hours.

During this period, investors and traders have shown strong interest in the token, leading to a 45% surge in trading volume.

This increase in volume reflects growing interest, likely driven by a recent breakout following a price uptick and a shift in overall market sentiment.

Vechain’s technical analysis and key levels 

AMBCrypto’s technical analysis revealed that VET, with its recent rally, has broken out of a prolonged consolidation phase and a resistance level formed by a descending trendline.

Moreover, the asset has successfully closed a daily candle above this breakout level, suggesting that VET is now on the verge of an upside rally.

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