📈 VeChain Surges 134% in 3 Weeks, Setting Sights on Key Price Milestones Ahead
VeChain (VET) has regained bullish momentum following a 134% price increase over the past three weeks, spurred by a broader crypto market resurgence after Donald Trump’s U.S. presidential election win. TradingView data highlights VET’s recovery from a prolonged bear trend that wiped out 90% of its value over the past three and a half years.
During the 2021 bull run, VeChain reached an all-time high of $0.28, marking a staggering 10,500% gain. However, the cryptocurrency lost most of its value during the extended bear market.
Although VET declined massively, its downtrend pattern left marks, highlighting significant levels that could influence the altcoin’s recovery pattern whenever the bull market returns. Hence, crypto analysts foresee a trend in the VET rejuvenation and potential recovery.
VET’s monthly chart highlights notable resistance around the $0.055 price region, which technical analysts consider an initial target for the cryptocurrency. Breaking above this level will allow VET to pursue the first Fibonacci resistance at $0.075.
Historical crypto market behavior suggests most cryptos would target their all-time highs during the bull run. That is a massive task for VET, considering the altcoin’s decline during the last bear market. However, it is not insurmountable, with many cryptocurrencies achieving a similar goal and surpassing it, even in the current bull cycle.
For VET to sustain its bullish momentum, it must display significant trading volume and meet key price milestones. Climbing above the 0.236 Fibonacci level and reclaiming the $0.1 psychological mark are considered crucial steps to bolster investor confidence.
VET traded for $0.043 at the time of writing after surging 30% since the opening hours of the current trading session.