- VeChain’s native token VET saw a big price surge.
- The breakout was caused by high VET ETF speculations.
- VET heads towards the next big resistance level, another breakout will be very bullish.
Amid the steady sideways movement of the crypto market, many altcoin charts are showing potential for a massive price surge. In particular, VeChain (VET) chart signals indicate pivotal breakouts and suggest a great price surge.
As we can see from the post above, one analyst noticed that VET price is pumping hard. The sudden breakout was expected earlier that day when a retest of formation took place and a breakout was expected.
Just as the analyst predicted, the VET price did breakout and surge by over 5%. The analyst then notices that the VET price is increasing by more than 5% in this run. In response other analysts say 5% pump is nothing to be excited about.
To this another analyst steps in and marks the importance of the pump. He says this pump brings the VET price closer to the next resistance band. If VET price were to break out of this resistance line then it is a very bullish sign if it breaks through.
VeChain has shared many milestone and achieved incredible accomplishments through its journey so far. In this year alone the project launched VeBetterDAO and is gearing up to launch the mainnet next month.
The project has also placed itself as a leader in the RWA, sustainability sector, and the greeted crypto realm. So much so that the project represented crypto in a discussion with the UK government about taking a new crypto-positive direction.
This paired with VeChain’s blockchain supply chain and sustainability-driven initiatives with big names like the UFC and the Italian Open certainly puts it at a top level. According to many analysts it is only a matter of time till the VET price breaks its previous ATH.
The added expectation of a possible VET ETF listing has also added fuel to the already high expectation for a massive VET price rally. Will VET price surpass its previous ATH and surpass $1 and will it do so before or after an ETF approval?
Read Also
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
