VET Prepares for Next Rally Phase with Confirmed Key Support as VeChain Readies Major Announcement

VeChain (VET), a leading enterprise-grade public blockchain focused on supply chain management IoT solutions, has staged an impressive price recovery in recent weeks. Now, respected analyst Rekt Capital examines the constructive technical developments unfolding to assess likely next moves.

Breakout Tracks Toward the Next Resistance Zone

Analyzing VET’s journey on the higher timeframe charts, Rekt Capital details the early February move, which saw VET break out of its prior multi-month range between approximately $0.025 support and $0.035 resistance. This decisive move flipped previous resistance into support – confirming VET’s nascent uptrend.

Zooming into the current price action, Rekt notes that following this breakout, VET affirms its bullish standing by swiftly retesting the former range resistance as new support – establishing this zone as a reliable floor going forward.

“VET indeed dipped with the intent to retest the Range High, however, there was no picture-perfect retest, narrowly, very narrowly missing out on that picture-perfect contact,” Rekt stated. While not an aesthetically perfect validation, the swift buying response effectively served its purpose in holding the $0.035 level.

With its new staging ground preserved, VET now takes aim at the next minor resistance level around $0.04 in the near term. Reclaiming this would open a greater recovery toward 2022 highs.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +

Healthy Support Foundations Set the Stage for the Next Growth Wave

If VET closes February with strength above its former range ceiling, it minimally cements an even higher value accumulation zone at $0.035 for its next consolidation phase. In Rekt’s assessment:

“In this case, VET would’ve broken out from one macro range to enter another. In this case, there would technically be scope for downside into the Range Low area as part of normal, range-bound consolidation.”

Thus, even routine cooling off bodes is well provided VET holds its latest progress intact upon revisiting lower supports. Each successful retest offers traders improved risk-reward opportunities to ride the next bull wave higher when momentum returns.

With market conditions continuing to strengthen and VeChain unveiling meaningful adoption growth, the technical table looks set for substantial upside continuation if proceeding along recent constructive patterns. Now VET must convert potential into realized gains.

Fundamental Catalysts Could Accelerate Breakout

While chart analysis dictates likely trajectories, real-world project developments help propel prices. On this front, an upcoming major VeChain announcement at the high-profile MWC Barcelona technology conference could introduce the type of catalyst to spark VET’s next leg higher ahead of schedule.

If the news combo proves impactful enough, traders could front run technical levels – so staying alert on all fronts gives flexibility to capture surprises before formal indicators trigger. Still, by sticking to retested support zones, investors protect against adverse turns while awaiting the next confirmed VET uptrend.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.