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.
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Show more +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.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
