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- Altcoins show signs of bullish surges ahead as Bitcoin (BTC) moves in upward direction.
- VeChain’s native token VET is one such altcoin showing possibilities for bullish actions.
- VET price chart shows high possibility for a bullish rebound soon.
Bitcoin (BTC) price is back up over the $53,000 mark giving altcoins a short pump over the last 24 hours. This is a good start to a steady recovery for the crypto market following the brutal dip of the previous week like by Mt. Gox and the German government selling its Bitcoin.
As the Bitcoin price claws its way back toward the over $60,000 price range, many analysts notice bullish signs emerging for many popular altcoins. These include Cardano (ADA), JasmyCoin (JASMY), WadzPay (WTK), and VeChain (VET) to highlight a few.
In particular, based on the VET price charts, VET has been following what seems to be a descending resistance trajectory. This pattern shows that the asset is faced with a strong rejection from the internal resistance at $0.03400 and is losing momentum.
Source: TradingView
Vigilant traders will note that there is a high possibility for a bullish rebound to occur after a proper retest confirmation at the support level of $0.02543. According to some analysts, this is highly possible as long as VET/USDT has not been able to cross the dynamic resistance.
However, if VET/USDT manages to cross the dynamic resistance, it will be a downward trend. Presently, the most important support area for VET is $0.01940 to $0.01830.
Despite these bullish signs there is also a chance for the VET price to continue to decline until it reaches this level due to the successive bearish candles that have formed. All in all, VET is expected to make significant gains once the golden bull run begins.
This bullish expectation for VET is due to the fact that VeChain has started to be recognized as a true leader in the real-world asset (RWA) blockchain project realm. What’s more, VET just announced the mainnet launch of the VeBetterDAO and continues to make excellent strides for sustainable blockchain ventures.