VeChain Price Analysis: Did VET Find its New Bottom in 2022?

VeChain (VET) is a project that has been around since August 2018, but most of its price movement from the time of launch until 2021 pales in comparison to what happened last year. Unfortunately, the coin is now quite near its new bottom, following several major crashes last year.

VeChain in 2021

VeChain price was highly volatile in 2021, but for the first part of the year, that volatility worked in its favor. The coin started the year with a price of $0.019, and it started growing almost immediately. It hit its first major milestone in mid-February, when it climbed to $0.050. This was the first time in its history that it reached this far, but as we know now — it was only a start for VET.

Its price managed to breach this resistance and even turn it into a support, but it did not have the momentum to put a lot of distance between itself and this level. So, the first minor bearish wave knocked it back down, around February 23rd. VET dropped to $0.039, only to start growing again immediately after reaching this level.

This time, it managed to hit $0.1, which was followed by a slight rejection, and then the continuation of the surge, which ended up taking VET to an all-time high which is still its highest peak to this day. VeChain reached its milestone on April 17th, when it climbed up to $0.278.

After that, its price corrected to $0.167, only to surge to $0.233 again, and again crash when the mid-May price drop caused the entire market to lose half of its value. VET initially dropped to $0.08, and then, as summer progressed, it kept sinking almost going back to $0.05.

The second half of summer 2021 brought a recovery, and VET managed to climb back to $0.15, only to drop again to $0.081 in late September, and then reach a six-month high in mid-November, when it skyrocketed to $0.17.

VET price corrects and stays down

After reaching $0.17 in November, the VeChain price started to go down again. This drop came as a part of a market-wide price crash that took the crypto prices towards another crash, and VeChain kept going down until December 13th, when it hit $0.07.

At that point, the last surge of 2021 started, taking the coin back up thanks to the upcoming holiday season. VET even managed to climb to $0.095, but the resistance proved too hard to breach, at first. One interesting thing is that most other cryptocurrencies were surging roughly until Christmas, and then they started seeing another crash. Meanwhile, VET surged even further after the holiday, breaking the resistance that gave it trouble before, and climbed up to $0.1.

It wasn’t until December 28th that is started crashing again, which is when it dropped to $0.081, which was followed by a period of constant, although small fluctuations. The coin finally ended the year with a price of $0.083.

Interestingly, in the early days of 2022, VET was relatively calm, with small fluctuations between $0.085 and $0.088. However, a few days into the year, VET announced a new stablecoin, which caused another price surge to $0.095. The surge was short-lived, and VET was already back to where it started after one day, but it interrupted its period of stability at $0.085, causing it to crash to $0.07 by January 10th.

VET price corrects and stays down

On January 11th, the coin started climbing again for a bit, until it reached a resistance at $0.083, but it was rejected to $0.077. It used this level as a support between January 13th, while $0.08 acted as a resistance, which finally rejected the coin on January 16th, causing it to break the support at $0.077, and sink to $0.075, which is where we find it at the time of writing.

To learn more about this token visit our Investing in VeChain guide.

This news is republished from another source. You can check the original article here.

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