VET price skyrockets, the coin reaches its ATH

VET price skyrockets, the coin reaches its ATH
Written by:
Ali Raza
8th July, 12:11
  • VeChain reached its ATH once again, as part of a new surge.
  • VET is now facing a resistance at $0.02 for the first time in 2 years.
  • It is still unknown if the coin can breach the resistance and set a new record for itself or not.
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VeChain (VET) price has just done something that Bitcoin itself has failed to do for over two years — it reached its old all-time high (ATH). VET skyrocketed by 30% in the last 24 hours, allowing the coin to breach numerous resistances and approach the largest one at $0.020

VET is back to its highest level

As some may know, VET is a relatively young cryptocurrency. It was launched less than two years ago, in August 2018.

Soon after the launch, the token managed to hit its all-time high at $0.01968, which is when its price was hit by its largest resistance yet, at $0.02. The rejection caused the coin’s price to drop to $0.010, and when the second price crash came in November 2018. VeChain dropped even further down.

Over the next year and a half, VET kept fluctuating between $0.01 and several lower levels, many of which acted as supports and resistances alike, depending on where its price was.

However, VET reached its bottom in 2020, and now, it also hit its  ATH only a few months later.

VET volatility in 2020

In early 2020, VET found itself only slightly above its support at $0.005. It started growing as months went by, and it even reached $0.0082 by mid-February. Its price started dropping, and the mid-March crash that followed took it to the lowest levels in its history — $0.002189.

Following the crash VET finally started recovering, eventually turning back to $0.005, and even breaching it after struggling with it for the entirety of May. Once this level fell, however, VET skyrocketed to $0.01 rather quickly.

This resistance was a major one, however, and it prevented it from going further up. However, the coin started showing clear potential, and multiple developments encouraged people to buy VeChain (VET).

Still, the resistance held, and VET remained below it until July 5th, when this level finally fell, and VET progressed to $0.015. It then struggled with this level as well, finally besting it yesterday afternoon.

At the time of writing, the coin’s price is at $0.01965, finally approaching its old resistance at $0.02.

Conclusion

It is unknown if VET will manage to break the resistance, although the chances are that it might. It has shown strong momentum, and many have hurried to it in the last several days.

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