VeChain (VET), one of the stars of the last bull, is on the agenda again with its rise during the day and the big debut of the ecosystem token VTHO.
The leading cryptocurrency Bitcoin (BTC) experienced a major decline, failing to exceed $44,500. BTC price recently retreated to $40,400. BTC, which dropped nearly 10 percent from its peak, did not change the trend even though it created volatility in altcoins. Altcoins continue to rise against the possibility of a possible alt season. Especially AVAX managed to attract all the attention by exceeding $ 40.
The bull trend in the crypto market has started to bring the stars of the past to the stage one by one. VeChain, one of the star names of the previous bull season, came to the fore with its rise during the day. VeChain’s ecosystem coin VTHO also made a big splash.
At the forefront with the VeChain (VET) ecosystem
VeChain (VET), the blockchain project created to meet business needs as much as possible, managed to become one of the prominent cryptocurrencies of 2021. VeChain has become the choice of miners thanks to its use of Proof of Work consensus.
VeChain completed its bull run, which started at $0.01 on November 1, 2020, reaching $0.27 on April 1, 2021. VeChain, which became the star of the previous bull with a sensational growth, has not come to the fore today. However, in recent days, there has been a rising wave, especially led by VTHO. VTHO, which is in the VeChain ecosystem and used for reward/transaction fee mechanism, has experienced an 85 percent increase in the last 24 hours. With the rise of VTHO, all eyes turned to VeChain’s native token, VET.
VET, the old cryptocurrency, has witnessed a 15 percent increase in the last 24 hours. VET retreated to $0.0295 as a result of a reaction sale at $0.03033.
VET made a significant breakout according to the chart and maintained persistence above $0.0285. Persistence above this zone could push VET price towards the major resistance near the $0.0325 region. However, VET may have to break through the intermediate zones of $0.030 and $0.031. Although these regions are not very challenging in terms of selling pressure, the $0.0325 resistance has a strong structure. If this region is exceeded, VET may reveal a new upward scenario.
On the other hand, VET may want to gather strength from the $0.0285 region in case of a pullback. If it pulls back to this area and there are not enough buyers, VET could decline to $0.0265. VET’s next support point will be the $0.025 and $0.020 regions.
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