- VET investors might profit at $0.01778.
- Breaking beneath the $0.01583 might cancel VET’s bullish streak.
- VET displays price recoveries at around $0.01583.
VeChain has witnessed a 4% price increase over the past 24 hours to $0.0161. CoinGecko data indicates that increased VET demand catalyzed the uptick. Meantime, continued buying momentum might see VET climbing towards the resistance zone and supply territory at around the 100% FIB level at $0.01967.
VeChain recently introduced its PoA2.P, and the RSI (Relative Strength Index) has demonstrated an intense surge after breaking away from the oversold region. That indicates how the buying momentum has soared over time.
VET – On High Gas Fees and Fraud
Analytics insights indicated that the former Louis Vuitton CTO Sunny Lu first conceived VeChain (VET). Sunny Lu knows the issues associated with tracking & proving counterfeit versus genuine goods. Thus, VeChain is a one-of-kind layer1 blockchain, aiming to bring innovative solutions to finally solve real-world problems, including high transaction changes & counterfeiting.
That would be beneficial for allowing frictionless transfers and hurdle-less NFT minting. VET’s OBV (On-balance volume) has also printed an upside, demonstrating increased buying pressure and trading volume. If this development lingers, VET might reach its $0.01968 profit target. Investors remain optimistic about collecting profits before Christmas.
Risk-Averse Players to Book Profit?
But nothing implies VeChain will walk without obstacles, as bulls should overcome resistance barriers to clear the upside path. In this scenario, risk-averse market participants will lock their profits at the resistance level of $0.01776.
That means breaching beneath $0.01564 would annul any bullish spree, and VET might plummet toward the new support floor at $0.01470. Meanwhile, VeChain has displayed a notable increase in development activity since mid-December. That confirms that developers trust VET’s innovative future.
Though VET’s price has fluctuated in reaction to shifts in development activity, the latest uptick doesn’t represent this trend, as the price dipped amid growing development activity.
Moreover, VeChain fans should assess broader market cues as they will likely determine VET’s price actions. Bears rule the market at this writing, making it challenging to see a steady uptick in the near term. However, time has our answer.