VeChain (VET) investors have had quite an eventful start to 2022. After the coin tumbled and lost so much value, VET rebounded. The token has so far managed to recover almost all the losses made this year. But where will the price go after these? We will analyze this further, but here are some of these latest developments:
Despite a decent rally in the last week of March, VET has now started to retreat
The coin has lost about 13% over the last 24 hours alone
However, indicators are still positive, and we may see more bull runs in the near term.
Data Source: Tradingview
VeChain (VET) – Can it hit $0.1?
Getting to the $0.1 mark will be a new 2022 high for VET. In fact, the last time the coin managed to clear above $0.1 was in October last year. Although this may seem farfetched at face value, VET is actually not that far away from $0.1. The coin will only need to add 40% to its value to hit that milestone.
But what comes after $0.1 is the most interesting thing. In fact, by the time VET is hitting $0.1, it will have already smashed past several crucial resistance zones and established a bullish rally that could lead to massive gains.
Besides, the short-term outlook for the coin remains bullish as well. RSI for example is now positive, and VET is above its 20- and 50-day SMA as well.
Is it the right time to buy veChain (VET)?
For long-term investments, it's always a good time to buy VET. This is one of the most exciting projects in crypto and continues to attract a lot of high-profile investors.
Also, from a short-term trading point of view, VET is also bullish. It is therefore a good buy especially when you consider the 40% upswing towards $0.1.