VeChain (VET) looks all set to break into bullish conditions after an elongated bearish phase in line with the path of recovery across the broader cryptocurrency market. This comes after a major correction that has seen Bitcoin climb from as low as $53,700. Consequently, VeChain generates so much interest among analysts and investors alike.”.
At the moment, VET is trading at $0.025128, a gain of well over 8.58% in the last 24 hours. It exchanged hands with a 24-hour volume of $88.30 million and has a market capitalization of $1.83 billion.
The recent uptick in VET’s price suggests a growing bullish sentiment among traders and investors. This enormous surge in trading volume suggests that heightened interest in VeChain reinforces the possibility of its continued bullish trend.
VeChain Poised for Potential 2x Price Increase
According to a recent update from one of the leading crypto analysts, Worlds Of Charts, he has optimistic predictions regarding the price trajectory for VeChain. In this detailed technical analysis, the analyst claims that VeChain has been forming a descending channel on a daily timeframe.
That is usually a pattern associated with a bearish trend featuring a set of gradually lower highs and lower lows, forming a downward-sloping channel. However, fresh development now, as the VET has broken out above the trendline in the lower timeframe, is signalling the changing market sentiment.
The next critical phase for VET will be a test of the trendline of the descending channel, approximately at the $0.0300 mark. It is perceived as a significant resistance area that, if broken, would confirm the end of the bearish phase and the beginning of a new upward trend.
VeChain has shown strong technical signals that indicate a bullish breakout is on the horizon. If VET manages to break through the descending channel, we could see a substantial price increase, potentially 2x its current value, in the coming days.
This optimistic forecast excited VeChain maximalists who sought proof in further price movements. Then, the 2x gain would have been completely consistent with the general optimism over VeChain’s technological advancement and growing adoption.
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