- VeChain’s bullish technical indicators suggest a potential breakout and market reversal.
- The launch of VeBetterDAO reinforces VeChain’s ecosystem, boosting prospects for a new all-time high.
According to recent developments, VeChain (VET) is showing signs of a potential breakout, drawing attention as a strong performer in the ongoing crypto market. After a 10% gain last week, several technical indicators suggest that VET might be on the verge of a significant upward move.
As of today, VeChain (VET) is trading at $0.02412, with a decrease of 3.46% in the past day but showing a 0.83% rise in the past week. See the VET price chart below.
Will the bullish momentum drive VET to a new ATH?
On the weekly chart shown above, VET has formed a double bottom pattern with bullish divergence on the Relative Strength Index and key support around $0.022, indicating a possible market reversal. Additionally, the daily chart shows a head and shoulders pattern, hinting towards further bullish momentum.
Furthermore, according to a recent update shared by CNF, the launch of the VeBetterDAO by CEO Sunny Lu highlights the network’s commitment to decentralized decision-making. With these technical setups and the anticipated altseason, VET is well-positioned for a breakout. The cryptocurrency might revisit its all-time high position and enter new price discovery phases, driven by its robust ecosystem and the broader market’s bullish momentum.
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