VeChain rallies: The coin breaks a major resistance

Written by: Ali Raza
May 26, 2020
  • VeChain (VET) saw strong performance ever since the March crash, constantly improving its price.
  • After experiencing difficulties a few weeks ago, VeChain seems to be on another road of recovery.
  • While writing VET is starting a new surge after a correction, seemingly ready to once again go past $0.0050.

The crypto market has seen quite a bit of positive performance in the past few months. In fact, it has been on the road of recovery ever since the crash in mid-March, caused by the coronavirus pandemic.

However, while most people focused on the top coins — and especially Bitcoin dut to its halving process — many have failed to notice some underdogs that have seen an exceptional performance.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

One example is VeChain (VET), which saw a massive surge over the course of the last 10 days.

VeChain sees gains after mid-March crash

The project has been seeing constant growth ever since the crash in March. One of its biggest feats so far was breaching of the resistance level at $0.003 in the closing days of March. After that, it kept growing until it peaked at $0.0049 around May 9th.

However, to reach this level, VET had to breach another strong resistance at $0.0048. Unfortunately, it only managed to do it briefly, as this level proved too strong, and it quickly caused its price to crash back down to $0.0040.

A new rise after correction

This happened the very next day, May 10th, and it caused the project to spend a few days down, just above this support. However, VET used this time wisely, and it gathered strength for another surge, which started on May 12th.

At first, it seemed that it lost all strength after breaching a minor resistance at $0.0044, although it did manage to turn this level into a strong support.

It then spent a week sitting right above it, before suddenly breaking it only days ago, on May 22nd. It dropped to $0.0042, before starting a strong surge that took it back to the resistance at $0.0048. After several attempts, this level finally got broken and the coin’s price hit a new post-March peak at $0.005072 in the last 24 hours.

Reaching the new peak caused a slight correction, and so the coin currently sits at $0.004917, although it would appear that the correction has ended, and a new rise is beginning to take place. The coin’s next resistance lies at $0.00516, and if this one falls, VET will have a chance to test its strength against $0.00550 level.