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VeChain has been responding to the occurrences across the broader cryptocurrency market. A recovery in Bitcoin and Ethereum has resulted in slight gains among other tokens, and VeChain has not been left behind in this price recovery.
Despite the token making these gains, it has still recorded a dip on a weekly and monthly basis. Thus, the market support has not been adequate for the token to make a strong price recovery.
VeChain attempts a rebound
The price of the crypto market has been volatile over the past few weeks, with this volatility coming from waves of selling and buying pressure. If VET can attempt a bullish rally, it could push towards the next target price of $0.080.
At the time of writing, VET was trading at $0.078. However, the token had made significant movements over the past week after breaking past the resistance level at $0.082. Its weekly high currently stands at $0.083. The uptrend towards these levels was disrupted after the broader cryptocurrency market failed to register notable gains.
VeChain failed to garner much buyer support in late 2021, which prevented the token from reclaiming its all-time high. The coin’s ATH stands at around $0.28, and the current price is 71.9% below this one. After the market bears in May last year, VeChain had difficulty recovering from the selloff.
A full recovery that will attract short-term traders could be triggered at the $0.1 levels. The coin was last trading at these levels in early December. Additionally, this price could attract more buyers.
The rebound could fail
The market is currently making a rebound, but this rebound could soon fail going by the trend formed within the past weeks. As such, VET could drop towards the lower levels of $0.075. It had dropped to these levels this week following a market pullback.
$0.073 is the major support level for VET, and despite the strong market bears, the token has managed to stay above this level. If there is a larger selloff in the market, VET could take another plunge that could take it to levels last recorded in late July.
A dip below $0.073 could attract buyers that want to accumulate during the dip and lead towards a major uptrend, or it could trigger panic among traders resulting in major selloffs. However, major developments within the VeChain ecosystem could prevent the token from recording a dip like the rest of the market.
Your capital is at risk.
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