- Analysts are closely watching VeChain price action for signs of a breakout, especially with the formation of a falling wedge pattern, which previously resulted in strong trends in 2020-2021.
- VeChain’s ecosystem is expanding rapidly, particularly with initiatives like VeBetterDAO, which integrates blockchain with sustainability solutions.
VeChain (VET) is experiencing renewed strength after undergoing tremendous market volatility. A sharp sell-off in recent times raised eyebrows among investors, but the token is now indicating signs of a possible breakout. Even after recent losses, VeChain seems to be gaining traction in line with wider market recovery patterns.
VeChain Price Recent Market Performance
VET has experienced a sharp decline over the last month, with its price losing 23% of its value in the last 30 days. Just this week alone, the token has fallen by 7%, as seen under market-wide bearish pressures. The last 24 hours have, however, witnessed an improved sentiment as VET appreciated by 3.11%. This points towards the re-emergence of investor optimism, as per our previous article.
As of writing, VeChain price stood at $0.03410, up by 1.92% with a market capitalization of about $2.76 billion on Thursday, February 13. Moreover, Its 24-hour volume is $67.7 million, surging by 32.22%, according to CoinMarketCap data. These figures show more trading activity as investors bet on possible bullish momentum.
The analysts are keenly observing VeChain’s price dynamics for indications of a strong uptrend. The past price actions indicate that VET may be repeating its 2021 market cycle when there was a strong rally before April. If history is a guide, then the coming few months may signal the beginning of substantial price movement.
Is A Breakout Imminent For VET Price?
One of the strongest signs of a potential breakout is the creation of a falling wedge pattern, suggested crypto expert Master Ananda. This configuration earlier resulted in a strong trend from 2020 to 2021, and it is likely that a similar path will be followed. Although the present cycle will not repeat earlier gains in the same manner, experts foresee a more gradual and consistent uptrend.
VeChain price is presently 150% higher than it was at the June 2023 low, proving its stability through the turbulence. Should bull markets prevail, there are predictions that VET can achieve growth in excess of 1,500%, and its long-term potential from cycle low to the high may see returns as close as 5,000%.
Beyond technical indicators, VeChain’s ecosystem has been evolving rapidly. Industry experts compare its growth to major blockchain projects like Chainlink (LINK), Aave (AAVE), and Fetch.AI (FET), which have expanded significantly in recent years. VeChain is positioning itself as a key player in sustainability-driven blockchain applications through initiatives like VeBetterDAO, as mentioned in our previous story.
VeBetterDAO is poised to combine blockchain with sustainability solutions, which will align with international efforts towards tackling environmental issues. The project is also revolutionizing VeChain’s tokenomics towards long-term adoption. The X-2-Earn applications also increase VeChain’s utility further by rewarding users for participating in sustainability-oriented activities.
With the crypto market bouncing back significantly, VeChain’s recent price decline has piqued investors’ interest in potential long-term prospects. The blockchain’s ongoing development and increasing real-world applications put it well-positioned as the market moves into its next growth phase.
