VeChain (VET) Signals Impending Bull Run with Key Technical Alignments

Technical indicators hint at bullish trend reversal for (VeChain) VET.
Past crossovers led to substantial price surges for VeChain (VET).
Positive market trends position VeChain for transformative growth.

VeChain (VET) is gearing up for a significant bull run, displaying compelling technical indicators that suggest a bullish trend reversal. The 21-week Exponential Moving Average (EMA) is on the verge of crossing above the 55-week Moving Average (MA) at the critical $0.035 level.

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Market analyst EGRAG highlights the potential bullish crossover as a robust buy signal, indicating a strengthening of the short-term trend over the long-term trend. Historical data reveals that similar crossovers in the past led to substantial price increases for VET.

Examining VeChain’s history, the last crossover in June 2020 preceded a surge from $0.00717 to $0.0229 in just two months, eventually reaching an all-time high of $0.2798 in April 2021—a remarkable 3,802% increase over ten months. However, a subsequent decline in momentum in January 2022 led to a significant drop in VET’s price.

VeChain’s Current Market Trend

VeChain’s current market trend is positive, showing a 34% increase in the past month. The impending crossover of the 21-week EMA above the 55-week MA strengthens the bullish outlook. With the 21 EMA at $0.0188 and the 55 MA at $0.0199, both exhibiting upward trends, VET’s positive market movement is reinforced.

For a definitive confirmation of the bullish trend, VeChain needs to secure a weekly close above the $0.035 level, last achieved in May 2022. Presently VET is trading at $0.02193 and is in a place above both moving averages. EGRAG expresses confidence in VeChain’s growth potential, although specific price targets post-crossover remain speculative.

As VeChain stands on the cusp of a potential transformative period, investors and enthusiasts closely monitor its journey. With stable trading volumes and growing investor interest, VeChain’s potential crossover could usher in a new era of growth and financial opportunities in its market history.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.