Like all other crypto projects, the VeChain price has been in an aggressive bearish trend for the past few weeks, which has seen its value drop by 40 per cent. However, in the past two trading sessions, we have seen the VeChain price starting to recover, with its price rising by 2 per cent on Tuesday and surging by almost 5 per cent in yesterday’s trading session.
Today, the aggressive bullish trend of the past two trading sessions is also poised to continue, with the crypto already up by less than a percentage point, with intraday trading trends indicating a likelihood of further push to the upside.
The recent VeChain bear trend that saw its price drop by over 40 per cent was majorly triggered by the recent FTX crypto exchange collapse, which drove the entire cryptocurrency industry to a bear market. VeChain, being significantly correlated with the industry, saw its price also getting dragged down. Unlike other projects, the VeChain drop was much more aggressive and, at some point, looked headed for a total collapse.
However, despite the FTX-triggered bear market that saw the VeChain dropping by over 40 per cent, the past few trading sessions have given signs that the crypto might be in recovery. This follows Tuesday’s 2 per cent rise and yesterday’s almost 5 per cent price surge. The entire cryptocurrency industry is also looking positively bullish, which might also contribute to the recovery of VeChain due to its significant correlation with the industry.
Therefore, based on fundamental factors such as a recovering cryptocurrency industry and recent price action, I expect the current bullish trend to continue for the next few trading sessions. It is highly likely that we might see VeChain trading above the $0.030 price level in the next few trading sessions. However, a drop below the $0.015 price level will invalidate my bullish analysis.
This post was last modified on %s = human-readable time difference 12:31