thecryptobasic.com
The VeChain ecosystem is on a bullish trajectory, as its primary native token, VeChain (VET), and its gas token, VeThor (VTHO), recorded 20% and 43% upsurge in a week.
The VeChain blockchain has continued to welcome bullish developments as the markets await the imminent bull run. These developments have bolstered investors’ optimism, triggering sustained interest and ultimately contributing to the price rallies of its ecosystem tokens, VET and VTHO.
VET Clinches 10-Month High
Being the primary utility token, VET has captured more attention in the market with its bullish momentum. VET’s uptrend began on Nov. 30 following an extensive three-week consolidation recorded by the crypto asset.
Notably, VET leveraged the market-wide momentum in late October to record a massive rally that saw it appreciate from $0.0163 on Oct. 19 to $0.023 on Nov. 9. This rally marked a 41% increase in three weeks. However, the $0.023 high introduced fierce resistance that halted this rally.
VET consolidated for another three weeks, from Nov. 9 to 30. Interestingly, this consolidation resulted in forming a bullish flag on the daily chart. VET broke above the upper trendline of the flag on Nov. 30, coinciding with the market-wide resurgence.
Amid this resurgence, VET surged from $0.0217 on Nov. 30 to a 10-month high of $0.0316 yesterday, marking a 45% uptick in two weeks. Despite meeting another roadblock at $0.0316, VET has retained its uptrend. Currently trading for $0.0305, the token is up 20% over the last week.
VTHO Up 43% in a Week
Meanwhile, despite not garnering as much attention as VET, VTHO has recorded similar price surges to its sister token, albeit at a higher rate. VTHO also recorded its first rally in late October, surging by 57% from a low of $0.00103 on Oct. 19 to $0.00162 on Nov. 8.
Like VET, VTHO faced a roadblock at the initial peak. However, while VET merely consolidated upon its resistance, VTHO plummeted by as much as 22% to $0.00126. However, this decline was short-lived, as the bulls immediately staged a comeback.
VTHO recovered from this slump and rallied by 157% to a 19-month high of $0.00324 two days ago. The last time VTHO saw this price was in May 2022. Another resistance emerged at this 19-month high, hedging against further upward momentum.
VeThor has dropped to $0.00243 at the reporting time, up 43% over the past week. Any attempts from VTHO to reclaim the $0.00324 high would first face a roadblock at $0.00281. However, the bulls must defend against any collapse below the pivotal support at $0.00225.