VeChain (VET) cryptocurrency token is considered one of the revolutionary attempts to address growing issues in the modern era. The issue of counterfeit products, adulteration during the supply chain process have become a huge issue for many of the leading cryptocurrency solutions.
VeChain offers such solutions to various segment leaders in today’s market, including Walmart, BMW, and other international product-based MNCs. VeChain, at one point in 2021, was worth a whopping $13 billion, which shrank significantly by the end of 2021, causing a huge loss of valuation.
Interestingly, VeChain was created and co-founded by a former Louis Vuitton CIO, Sunny Lu, who found the shortcomings in the current product-based supply chain ecosystem. With its current market valuation of around $5,013,889,611, VET has moved closer to an important level that could help maintain its price trends. Currently, VET has a 74% circulating supply of its total supply of 86 billion tokens.
In 2022, the initial months bore a lousy result for VET token’s investors and aspirants. Its rounded price action came to a halt after getting support from its 50 DMA curve in the last week of March 2022, which indicated that many investors were keenly waiting for re-investment and averaging prior investments. Thus the small breakout has delivered significant gains, with prices hitting close to $0.08 from $0.04.VET price analysis shows that a 50 DMA breakout was a key factor for inciting investor sentiments to spike suddenly, with transaction volumes increasing four times their usual volumes. Thus, RSI got the confidence of breaching key levels showcasing an overbought sentiment despite a small breakout.
VET price has been growing at a double-digit percentage rate for the last two days, and investors would be hoping for it to repeat its price trend in the coming days to bring in more transactions and demand. The breakout level of VET is a classic example of waiting for a price trend to make an entry. Read more about the other important price levels and VET predictions by clicking here.
We can easily witness fallback support offered to VET price action on monthly price trends. $0.135 seems to emerge as a rejection or point of profit booking in the short term, while $0.05 has become a strong support level that sits in tandem with previous breakout levels.
While transaction volumes can be seen dipping with increasing valuation indicates a possible case of holding among previous buyers. In the case of consistent buying at current levels, VET has the potential to offer a multi-bagger return in the coming years.
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