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VeChain (VET) and its sister token have seen a massive breakout from bearish territory, erasing losses incurred in the past two months.
Bitcoin’s continued uptrend has had a positive impact on the cryptocurrency market, increasing investors’ appetite for generating returns from the emerging industry. However, while Bitcoin has arguably stolen most of the headlines, altcoins are not far behind, with VeChain (VET) the latest one to break out from the bearish territory.
In the past 24 hours, the altcoin gained 32%, pushing its price to a level last seen in May 2022. VeChain’s price surged from $0.03 to $0.048 before retracing to around $0.046 at the time of writing.
The increase is most associated with technical breakout from a lengthy consolidation phase. VET has traded between $0.016 to $0.03 within the past 18 months. Nonetheless, the cryptocurrency broke out of that range in December, only to meet huge selling pressure at around $0.038.
During the December-January dump, VET moved from $0.038 to $0.026 in the space of four weeks. While this loss coincided with the post-Bitcoin ETF launch hype selloff, VET’s retracement began way earlier and lasted for much longer.
However, as VET retreated from those high price levels, investors accumulated the coin ahead of the most recent breakout. That move has evidently paid off since the rise above $0.48 means that VET has gained over 50% in just one month and may see further gains if the bullish momentum around the crypto market lingers.
VeChain Thor (VTHO) Impresses Even More
While VeChain’s performance catches the eye, the blockchain’s native gas token, VTHO, has gained even more over the same timeline. In the past 24 hours, the price of VTHO doubled, moving from $0.00289 to around $0.006 at the time of writing. The massive jump means the token has now gained 160% in the past month.
VeChain’s Recent Fundamental Growth
Moving beyond the technical charts, is it noteworthy that VeChain is also seeing considerable developments on the fundamental side. Earlier this week, the project launched Account Abstraction, a feature that enhances interoperability on the network and makes the user experience more friendly.
Also, in the past month, VeChain revealed a key milestone in its partnership with Walmart Chain. The blockchain has handled 200 million real-world transactions for the eCommerce giant.