- VeChain Blockchain Beloved for Solving Complex Supply Chain Problems
- VeChain Token Is Getting Well With Other Cryptocurrencies
- The coin has more upside potential but may face resistance
A snapshot of the cryptocurrency market shows that most cryptocurrencies are rising again. Bitcoin is up 2.08% in the last 24 hours, while Ethereum is up 5.05%. As expected, most altcoins rise whenever the top cryptocurrencies rise. VeChain VET/USD is one of the higher moving cryptocurrencies.
VeChain is a blockchain that aims to tackle complex supply chain issues through distributed ledger technology. While the technology is still in its infancy, there was a lot of interest in the VeChain token last year. This pushed the coin to a high of $0.28 in April 2021. Since then, the token has lost its mojo and trades at just $0.029, 10x lower. Such attractive valuations may pique investor interest, but where are the buyers?
VET has seen buyer interest in the last one week. With a gain of 27%, the coin rivals some cryptocurrencies with similar double-digit gains. This happened after the cryptocurrency remained stable since mid-June. Technical indicators suggest more bullish momentum, although a longer term correction will take time.
VeChain Token gains as bullish momentum
Source – TradingView
From a technical perspective, VeChain is bullish but traded below a key resistance at $0.033. This represents an upside potential of about 14%. However, VeChain is already overbought, with the RSI reading pointing towards 70. This means that we may see a short term retracement level before the coin reaches $0.033. We recommend buying in the short term on a potential retracement from the current levels.
While long-term gains are possible, buyers should be aware of key resistance. A breakout of the level will initiate a more sustainable bullish momentum.
VeChain is likely to maintain the current momentum. Some minor retracements are possible, however, the token is facing resistance at $0.033. Investors should consider buying short dips and take the trend to the resistance level.