Since the beginning of the year, VeChain has been on a significant downward trend. The drop has been in line with the general trend in the cryptocurrency market. The decline appeared to be reaching its end point at one time, but significant price rises have begun to emerge.
Vechain is currently trading at $0.080, indicating that the bulls have returned. If the bears seize control, the nearest support levels are $0.078 and $0.075, respectively.
Vechain (VET) Price to surge multiple times beyond its present price?
One enterprise-focused altcoin may be approaching a price zone that could allow for an effective entrance, according to popular crypto trader Michaal van de Poppe.
VeChain (VET) is “looking at some enormous prospects,” Van de Poppe informs his 556,100 Twitter followers.
VeChain is a cryptocurrency and blockchain platform designed to aid businesses in optimising their supply networks.
On Monday, Van de Poppe stated that $0.075 would operate as a “trigger” for VET. Since he published his video, the 35th-ranked crypto currency by market cap has already surpassed that level.
Van de Poppe isn’t the only one who has recently been positive on VeChain. VET might surge multiple times beyond its present price, according to crypto analyst Justin Bennett.
As long as it stays over $0.06, the analyst is still bullish on VET for the next year, and he believes that if we get above $0.10, that $0.103 cent range, we’ll see a run back toward $0.12, and possibly $0.15 and beyond.
If VET takes off this year, potential breakout locations might go as high as $0.38-$0.40, according to Bennett.