The overall outlook for VeChain (VET) over the last two weeks has been positively bullish. The coin has joined other crypto assets in posting some decent climb. However, we have seen a general pullback in recent days. Here are some highlights:
Despite surging the last two weeks or so, VET has slowed with a significant pullback in the price.
At the time of writing, VET was down by nearly 12%, trading at $0.05613 in intraday trading.
However, the coin could still retest overhead resistance at $0.075 even with this decline.
Data Source: Tradingview
VeChain (VET) – How soon can it get to $0.075
There was some hope that the crypto market had put the dark days of January behind it. Most coins led by the mega-caps like Bitcoin and Ethereum were all surging in February. But the much-expected pullback appears to be taking shape, and VET is seeing the effects.
The coin is now trading 12% lower compared to 24 hours ago at around $0.05617. But this is by no means a bearish outlook. We still expect VET to test the $0.075 overhead resistance in the coming days.
If indeed this happens, it will bring gains of nearly 50% from the current level. VET could also go on to hit $0.096 as well. But if bulls don’t hold above $0.05, more weakness could follow.
Is VeChain (VET) a good investment?
VeChain is an enterprise-grade layer 1 smart contract blockchain that was launched in 2017. The aim of VeChain is to develop an advanced blockchain ecosystem designed to address some of the hurdles associated with the usage of data in various industries.
Ever since its launch, its native token VET has seen some decent gains. It is a good long-term bet, and its $3 billion market cap leaves enough room for upside growth.
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