VeChain’s price is currently at $0.028, a long way down from its peak of $0.28 in April 2021. Despite its efforts, VeChain has struggled to regain its former glory for almost three years. This cryptocurrency, focused on supply chain solutions, has faced continuous challenges and hasn’t seen much growth. It’s stuck under bearish control.
Analyst Crypto ZX has provided an update on VeChain’s price, discussing its current status and potential movements in February. As of the daily timeframe, VeChain has experienced a 1% drop, attributed to the overall market decline following Bitcoin’s minor pullback. Vechain’s market cap remains strong at over $2 billion, and the 24-hour trading volume is at $30 million.
Crypto ZX stressed the importance of VeChain’s key resistance level at 3.367 cents. The recent poll about preferred coin investments showed Vechain at 7%, indicating continued interest despite other projects gaining more attention. Crypto ZX believes that those paying attention to Vechain are early adopters who recognize its long-term potential amid distractions in the crypto space.
The analysis dives into VET price history, focusing on its breakout above the resistance on December 20th and subsequent pullback. The analysis suggests that Vechain’s current consolidation around 3 cents presents an opportunity for those who believe in its vision.
Despite being overlooked, Vchain’s team, expansion, and innovation are strong points. The primary goal remains surpassing the key resistance, as a successful close above it could lead to a resurgence, possibly reaching new yearly highs.
Crypto ZX urged everybody to monitor Bitcoin’s performance, stating that a push above $46,000 could pave the way for Vechain to surpass its resistance easily. While acknowledging that Vechain is currently underrated, Crypto ZX expressed positivity for its future in 2024, expecting potential surprises.
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Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.