In anticipation of an imminent bull run, the VeChain blockchain has witnessed a series of bullish developments, igniting investor optimism and driving notable price rallies for its ecosystem tokens, VET and VTHO.
VET, as the primary utility token of VeChain, has taken the spotlight with its bullish trajectory. The upward trend for VET commenced on November 30, following a three-week consolidation period. In late October, VET experienced a substantial rally, surging from $0.0163 on October 19 to $0.023 on November 9, marking a 41% increase in just three weeks. However, the $0.023 high posed formidable resistance, leading to a three-week consolidation.
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During this consolidation phase, a bullish flag formation emerged on the daily chart. On November 30, coinciding with a market-wide resurgence, VET broke above the upper trendline of the flag. This breakout propelled VET to a 10-month high of $0.0316, marking a remarkable 45% uptick in two weeks. Despite encountering resistance at $0.0316, VET has maintained its upward momentum and is currently trading at $0.0305, reflecting a 20% increase over the last week.
VTHO’s Surging Performance
While not drawing as much attention as VET, VTHO has mirrored its sister token’s price surges, albeit at a higher rate. VTHO experienced its initial rally in late October, witnessing a 57% surge from $0.00103 on October 19 to $0.00162 on November 8.
Following the rally, both VET and VTHO faced resistance at their respective peaks. However, while VET underwent consolidation, VTHO briefly dropped by 22% to $0.00126 before swiftly recovering. VTHO continued its upward momentum, rallying by an impressive 157% to reach a 19-month high of $0.00324, last seen in May 2022.
Presently, VTHO is trading at $0.00243, marking a notable 43% increase over the past week. Any attempts by VTHO to reclaim the $0.00324 high would face initial resistance at $0.00281, with pivotal support at $0.00225 that the bulls must defend against potential collapses.
Market Outlook
The recent bullish momentum in both VET and VTHO underscores the growing interest in the VeChain ecosystem. As the market eagerly awaits a broader bull run, investors and enthusiasts are closely monitoring VeChain’s continued developments and the potential for sustained upward movements in the coming weeks.