VeChain (VET) price is gaining strength as the altcoins show a good recovery. The positive BTC price action has boosted the market sentiment this week. As a result, altcoins like VET crypto are catching a bid this week. Technical analysis suggests there could be more upside for the coin in the coming days.
On Tuesday, VeChain extended its weekly gains by another 1.9%. At press time, the digital asset of the enterprise blockchain was changing hands at $0.01765, which is also a resistance level mentioned on the daily chart. The price is currently 20.75% above its September lows.
VET Crypto Is Down 93.6% From ATH
According to CoinGecko, VET is currently the 38th biggest digital asset with a market capitalization of $1.287 billion. More than $42 million worth of VET exchanged hands across different crypto exchanges in the past 24 hours.
On a higher timeframe, the VeChian price is 93.6, down from its 2021 all-time high of $0.28. the project hasn’t lived up to its hype, as there is very little to no network activity on its blockchain. As per DeFi Llama, currently, there is only 954,000 TVL on the network, which is nothing compared to other major L1s.
VeChain Price Prediction
A look at the following VET crypto chart shows that the price has made a higher high on the daily chart, breaking the bearish market structure. This puts a VeChain price prediction of $0.02 on the cards. The invalidation of this bullish target will be $0.0146.
The 0.02 price level is one of the biggest resistances on the VeChain chart, as shown below. This level was a previous range low, which has turned into a resistance level. A clear break above this level can unlock a huge potential upside for VET in the coming weeks.
In the meantime, I’ll keep sharing updated analysis of VET coin and my personal trades on my Twitter, where you are welcome to follow me.
