VeChain Shatters Key Resistance, Momentum for 2x VET Price Spike Builds
cryptonewsland.com 16 July 2024 19:56, UTC - VeChain could reach new highs, possibly hitting $0.04425.
- Despite market fluctuations, VeChain’s volume profile hints at hidden potential. A 40% surge is anticipated upon a breakout.
- VeChain’s market cap exceeds $2.5 billion, reflecting ongoing developments and strategic decision-making.
Vechain’s recent price movements suggest that the project is gearing up for significant gains. The token’s focus on supply chain transparency and real-world applications enhances its utility and attracts institutional investors. Additionally, partnerships with major companies and government initiatives further solidify its market position. Meanwhile, analysts believe that VET is gearing up for meteoric ascent.
#VEFAM
The Volume Profile on #VeChain tells a story A LOT of people might not see!
We’re looking at a 40% move to the point of control.
(BREAKOUT COMING SOON)#VET is also 70% move away from it’s yearly high!Crypto Portfolio Update!⬇️⬇️ https://t.co/m54t91U37G pic.twitter.com/rr36CyHSyg
— Aj (@Ajwritescrypto) July 15, 2024
Breaking Resistance Levels
VeChain recently broke above a significant price resistance, reaching almost $0.039 before experiencing a pullback. Although an attempt to breach the same resistance level on January 11, 2024, resulted in rejection, the cryptocurrency appears to be consolidating around the $0.03 range.
However, VeChain’s ultimate goal is to surpass the crucial resistance level at $0.033 cents. If successful, this breakthrough could propel the price to new highs. Crypto ZX predicts that VeChain might rise as high as $0.04425 cents if it can overcome current resistance levels.
Market Trends and Bitcoin’s Influence
The recent market downturn has affected VeChain’s price movement, with fluctuations along the support line. According to Ajwritescrypto, another popular crypto analyst, Vechain’s volume profile tells a story many people do not see.
He anticipates a 40% surge.once the price breaks out. As of now, VeChain is trading at $0.031, reflecting a 26.3% increase in the past seven days. Additionally, VeChain’s market capitalization remains strong, surpassing the $2.5 billion mark. Despite ongoing projects and developments, the impact on VeChain’s price hasn’t fully materialized yet.
VeChain’s measured approach suggests strategic decision-making. The recent 8% increase—from $0.042 to $0.047—signals a potential shift in market performance. However, it’s advisable to do due diligence or analyze the charts before proceeding with your trades.
