- VeChain (VET) has surged 14% in the past week and 136% in the last 30 days, currently priced at $0.049333.
- A breakout from a symmetrical triangle pattern suggests a potential 800% surge after the retest phase.
- The broader crypto market’s bullish trend, including Bitcoin’s breakout, is boosting investor confidence in VET.
VeChain (VET) has been drawing the attention of crypto investors by showing outstanding performance and a strong price increase. The token has risen by nearly 14% in the last week and by as much as 136% in the last 30 days. This rally marks strong bullish momentum that could position VeChain for a big move in the coming weeks.
As of this writing, the price of VET is $0.049333, having a 24-hour trading volume of $543.55 million and a market capitalization of $4.00 billion. Currently, VET has a market dominance of 0.12%. Within the last 24 hours, its price has increased by 8.92% to demonstrate more investor interest in it, with growing confidence.
The broader crypto market is also experiencing a bullish wave, which adds to VET’s upward momentum. Bitcoin’s dominance ($BTC.D) recently broke out from a rising wedge pattern, a development that has triggered optimism among altcoin investors.
According to crypto expert Captain Faibik, this breakout is the kick-start of “Altseason”, which is expected to take place between 2024 and 2025, a period in which alternative cryptocurrencies like VeChain are expected to do fabulously well.
VeChain Eyes 800% Surge
From a technical viewpoint, VET looks very promising. It has confirmed a symmetrical triangle breakout on the weekly timeframe, and currently, the price is in a retest. After the retest is completed, the crypto community expects a huge rally upside and forecasts a point as high as an 800% increase in the upcoming weeks.
For now, investors closely monitor VeChain’s price action while the token is preparing for a possible upward move. In case the retest phase goes well, VeChain might be at the verge of a huge breakout that will further strengthen its position in the cryptocurrency space.
Related | Hong Kong Announces Grants for Digital Bonds to Advance Blockchain Adoption
