VeChain: Fall, Rebound, and Future Prospects
Date: 2025-02-04 Author: Henry Casey Categories: CRYPTO PAYMENTS
In the last 24 hours, the price of VeChain (VET) has fallen by 22.24%, which is due to the general decline in the Bitcoin rate. Despite this, the cryptocurrency showed a short-term rebound of 7.8%. However, compared to other cryptocurrencies, VeChain has not shown strong recovery movements and remains among the lagging assets.
Over the past few weeks, the price of VET has fluctuated in a sideways range between support levels at $0.032 and resistance at $0.055. However, the current market situation indicates a cooling after a significant increase in November. This is confirmed by the fact that the token is again striving for its monthly minimum of $0.02723. At the same time, the 14-day Relative Strength Index (RSI) at 30% suggests that VeChain may be oversold, increasing the likelihood of a rebound in the future.
Despite the current negative trends, there are positive factors that can affect the growth of VET in the long term. Thus, this month, the activity on the VeChain mainnet set a new record, indicating growing interest in the platform. The increase in the number of users and transactions on the platform is a positive signal for investors, despite the current volatility.
In addition, an updated VeChain Renaissance protocol is in development, which should improve user interaction through the VeWorld super app. These improvements will contribute to increasing the convenience and attractiveness of the platform, which can positively affect the price of VET tokens in the future.
Thus, despite the current difficulties, there is confidence that VeChain has the potential for growth. Especially if the recovery of the Bitcoin rate continues and exceeds the $99,000 mark. This will open up additional opportunities for cryptocurrency growth in the short term, which can support the further development of the network and its ecosystem.
