VeChain (VET) was one of the hardest-hit tokens in the recent crypto slump. The coin saw an epic downfall that saw it tank to nearly $0.05, over 85% lower from its all-time highs. But it looks like the token is pairing up some of these losses and could be in for a new bull run. Here are some notable highlights:
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Despite its recent rally, VeChain (VET) is still hovering way lower compared to its highs of 2021.
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At the time of writing, the token was trading at $0.05307, up nearly 20% in 24-hour intraday day trading.
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Also, VeChain remains in the bear market even though it has shown some signs of life in the last few days.
Data Source: Tradingview.com
VeChain – Will a bullish surge continue?
There is no doubt that a 20% gain in 24 hours brings a lot of bullish optimism on any token. Besides, VET is also up around 17% in 7 days. These gains however come amidst a broader recovery in the crypto market.
In essence, the positive price action seen on VET could be largely based on broader sentiment on crypto. After all, VeChain is still trading below its 25- and 50-day simple moving averages, suggesting the downward pressure could continue.
We are watching to see if VET can sustain gains above $0.05307. However, if there is more pressure, the coin could realistically fall to its next support of $0.035.
Should you buy VeChain (VET)?
Even with the recent nosedive in price, VeChain has always been a decent asset to buy. It is backed by incredible fundamentals and offers a great alternative to chains like Solana, Ethereum, and others. It is of course, a decent investment. You may however be able to get in on a bargain in the coming week or so. The token, even with today’s rally, could fall sharply.