- VeChain blockchain loves solving complex supply chain problems
- VeChain token recovers along with other cryptocurrencies
- The token has more upside potential, but may face resistance
A snapshot of the crypto market shows that most cryptocurrencies are gaining momentum again. Bitcoin is up 2.08% while Ethereum is up 5.05% in the last 24 hours. As expected, most altcoins rise when the top cryptocurrencies make gains. VeChain VET/USD is one of the crypto currencies going higher.
VeChain is a blockchain that aims to address complex supply chain issues through distributed ledger technology. While the technology is still in its infancy, the VeChain token saw a lot of interest last year. That pushed the token to a high of $0.28 in April 2021. Since then, the token has lost its mojo, trading at just $0.029, 10 times less. With such attractive valuations, investor interest could grow, but where are the buyers?
Vocational education and training has witnessed buyer interest in the past week. With a gain of 27%, the token rivals some cryptocurrencies with comparable double-digit gains. That happened after the cryptocurrency has been stable since mid-June. Technical indicators point to more upside, although long-term recovery will take time.
VeChain Token Gains As Bullish Momentum Accelerates
Source – TradingView
As for the technical outlook, VeChain is bullish but is trading below the key resistance at $0.033. That represents an upside potential of about 14%. However, VeChain is already overbought, with an RSI pointing towards 70. That means we may see near-term retracements before the token hits $0.033. We recommend buying short term on a possible retracement at the current level.
While long-term gains are possible, buyers should be aware of the main resistance. A breach of the level would usher in more sustainable bullish momentum.
VeChain is likely to maintain current momentum. Some short retracements are possible, although the token’s resistance is at $0.033. Investors should consider buying short dips and following the trend towards the resistance level.