VeChain (VET) was one of the hardest-hit tokens in the recent crypto slump. The coin saw an epic downfall that saw it tank to nearly $0.05, over 85% lower from its all-time highs. But it looks like the token is pairing up some of these losses and could be in for a new bull run. Here are some notable highlights:
Despite its recent rally, VeChain (VET) is still hovering way lower compared to its highs of 2021.
At the time of writing, the token was trading at $0.05307, up nearly 20% in 24-hour intraday day trading.
Also, VeChain remains in the bear market even though it has shown some signs of life in the last few days.
Data Source: Tradingview.com
VeChain &- Will a bullish surge continue?
There is no doubt that a 20% gain in 24 hours brings a lot of bullish optimism on any token. Besides, VET is also up around 17% in 7 days. These gains however come amidst a broader recovery in the crypto market.&
In essence, the positive price action seen on VET could be largely based on broader sentiment on crypto. After all, VeChain is still trading below its 25- and 50-day simple moving averages, suggesting the downward pressure could continue.&
We are watching to see if VET can sustain gains above $0.05307. However, if there is more pressure, the coin could realistically fall to its next support of $0.035.
Should you buy VeChain (VET)?
Even with the recent nosedive in price, VeChain has always been a decent asset to buy. It is backed by incredible fundamentals and offers a great alternative to chains like Solana, Ethereum, and others. It is of course, a decent investment. You may however be able to get in on a bargain in the coming week or so. The token, even with today’s rally, could fall sharply.
The post VeChain (VET) is pulling up after epic downfall – Has the token turned the corner? appeared first on Coin Journal.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments