The cryptocurrency community is buzzing with speculation as VeChain ($VET) approaches a crucial technical threshold. Having traced a long-term falling wedge since April 2021, the crypto asset is knocking on the door of a significant trend reversal. Should $VET succeed in breaking this resistance, the market may witness a fast-paced bullish rally, or as enthusiasts put it, a “bear slaying in hyperspeed.”
The falling wedge pattern, recognized by technical analysts as a potentially bullish sign, indicates a period of consolidation before a likely price breakout. The reversal from a downward trend to an upward one could herald the start of an aggressive price acceleration. Market participants are advised to brace for an exciting period ahead.
A Historical Recap of VeChain’s Price Action
In order to appreciate the significance of the imminent breakout, it is important to review VeChain’s recent price history. The token currently trades at $0.02, marking a 4.91% increase over the past 24 hours, according to data from Coindesk. Coinbase further highlights an 8.07% growth in the past week.
The price of VeChain has surged 24.72% in the last month. However, this recent upswing pales in comparison to the token’s performance in April 2021. At that time, VeChain reached its all-time high of $0.280991, as per Coindesk’s records.
Post the April peak, VeChain experienced a drastic drawdown, losing more than 80% of its value in the ensuing months and bottoming out at $0.058 in July 2021, according to CoinMarketCap. Despite the token’s impressive rally in 2021, which saw its price surge by 339.86%, it underwent a significant contraction in 2022, shedding 80.91% of its value.
A Promising Future Ahead?
While past performance is not a guaranteed indicator of future success, VeChain’s imminent attempt at breaking the long-term falling wedge suggests potential for significant price gains. Traders are watching keenly, with many standing by for what could be a sharp and swift bullish revival for the cryptocurrency. As VeChain edges closer to this critical juncture, the phrase “Prep yourself, lads” has never seemed more apt.
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