- VeChain (VET) is seemingly getting ready to break out after a long period of consolidation, with the altcoin looking to retest its record highs.
- VET holders continue to take advantage of corrections as the bullish case comes under the test, with prices going to $0.039.
VeChain (VET) holders are holding their breath in anticipation of the token’s short-term movement. While the long-term bullish case is unwavering, its short- to mid-term movement is in balance. Recently, VET investors have enjoyed fresh rallies that saw the token reach a two-year high, giving promise to a sustained rally that marks a new all-time high.
Since reaching its all-time high of $0.281 reached nearly 3 years ago, the altcoin has lost more than 80% of its value. Although this has frustrated investors, their bullish outlook has persisted. In fact, this has been strengthened based on network advancements, institutional interest, and on-chain growth.
For the past couple of months, the VeChain network has seen an increase in technological infrastructure, developer participation, and user growth. As CNF has reported, VeChain is working towards its goals to enhance the supply chain and empower individuals and businesses to set, shape, and scale their sustainable efforts.
Recently, the network launched VeBetterDAO. Leverage its utility token, B3TR, to incentivize sustainable actions. While solving critical sustainable problems, VeChain states that it aims to reach a million active daily users in the next few years. Its target by 2030 is to onboard about a billion users.
Network growth has been evident. At the time of writing, there are nearly 3 million active wallet addresses on the VeChain network. This number and the total number of successful transactions on the network are on an upward trajectory. As the network grows and investor interest peaks, these numbers are projected to continue increasing.
With the project and VET showing long-term promise, holders, led by large investors, have been accumulating in anticipation of a breakout.
At the time of writing, VET is trading at $0.03968 after a 7% drop in the last 24 hours. The digital asset has been undergoing a correction, losing nearly 20% in the last 7 days.
At current levels, it will be key for bulls to protect support and show they are still in charge. If broken, this could lead to greater losses, with the next key support at $0.036. However, if bulls prove their strength, they will look to break above the $0.054 resistance and flip it into higher support. The bulls could look to double on this and reach a multi-year high of $0.1.
Additionally, the euphoria around the crypto market, driven by the launch of spot ETFs, institutional investors, and the upcoming Bitcoin halving, continues to fuel demand and drive prices higher.
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