Cryptocurrency analyst Crypto Yapper has highlighted that VeChain (VET) is back at a crucial support level after recently breaking out of a falling wedge pattern. This technical setup often suggests a potential upward movement, indicating that if the support level holds strong, VeChain could be poised for a rebound and higher prices.
As of the latest data, VeChain is priced at $0.035001, with a 24-hour trading volume of $67.28 million and a market capitalization of $2.55 billion. The price of VET has experienced a slight decrease of 0.50% over the past 24 hours.
![VeChain (VET) Returns to Key Support Level, Analyst Suggests Potential for Rebound 1 VET 1D graph coinmarketcap 18](https://www.tronweekly.com/wp-content/uploads/2024/05/VET_1D_graph_coinmarketcap-18.jpg)
The broader cryptocurrency market is also experiencing significant developments. The recent approval of an Ethereum ETF is anticipated to positively impact the altcoin market, potentially driving prices higher. This development mirrors the previous approval of a Bitcoin ETF, which boosted market confidence and led to significant investment inflows. The resulting surge in Bitcoin’s value also had a positive ripple effect on several other altcoins.
However, monitor VeChain’s performance at this support level. A successful rebound could signal renewed bullish momentum for the cryptocurrency, potentially leading to higher prices. The current market dynamics, influenced by the ETF approvals, add an additional layer of complexity and opportunity for altcoin investors, making VeChain a particularly interesting asset to watch in the coming days.
VeChain Faces Critical $0.04 Resistance Amid Trend Channel Break
VeChain (VET) has recently broken through the floor of a rising trend channel in the medium to long term, according to technical analysis. This development indicates a potential slowdown in its rising rate or the beginning of a more horizontal price movement. The cryptocurrency is currently testing resistance at the $0.04 level, which is a critical point for its future trajectory.
![VeChain (VET) Returns to Key Support Level, Analyst Suggests Potential for Rebound 2 VETUSDT 2024 05 24 21 19 17](https://www.tronweekly.com/wp-content/uploads/2024/05/VETUSDT_2024-05-24_21-19-17-1024x404.png)
On the other hand, an upward breakout past $0.04 would indicate a positive move and potentially restore the bullish momentum back to this digital asset. From the volume patterns, tops and bottoms of the volume align closely with price peaks and troughs, which weakens the impact of the trend break and suggests that traders are actively responding to these technical signals.
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