VeChain (VET) sees liftoff after broader crypto market sees gains – Can it hold the momentum?

The broader crypto marketplace has seen immoderate consolidating gains this week aft a slumpy December. VeChain (VET) has followed large coins similar Bitcoin and Ethereum to study gains. In fact, since the commencement of the week, VeChain (VET) has been up astir 25%. The coin was besides up astir 5% successful intraday trading today. But tin this uptrend hold? Here are immoderate highlights first:

• VeChain (VET) has been 1 of the champion performing altcoins successful the past 7 days, with gains of up to 25%

• Despite this, the coin is inactive 50% little compared to its highs successful November and 65% down from its yearly highs.

• Relative Strength Index (RSI) shows bullish momentum is picking up, albeit buying enactment is not that intensive.

Data Source: Tradingview.com 

VeChain (VET) – Price enactment and prediction

The caller play gains look to person pushed VeChain (VET) backmost into a bull inclination aft spending the astir clip successful the reddish this month. Right now, the coin has surged beyond its 50-day elemental moving average. We are besides looking astatine a precise affirmative RSI with bullish enactment expected successful the adjacent term.

VeChain (VET) inactive has to transverse implicit $0.0963 for immoderate breakout to beryllium seen. At the clip of writing, the coin was a spot beneath that absorption with a terms of $0.09174. It is besides important to enactment that VeChain (VET) is inactive implicit 65% beneath its all-time highs this year. It’s highly improbable the coin volition trial those numbers again successful 2021.

Should you bargain VeChain (VET)

VeChain (VET) astatine 1 clip had peaked to a marketplace headdress of astir $16 billion, showing that it sparked a batch of assurance from investors. The coin has since mislaid astir $10 cardinal successful marketplace headdress ever since but contempt this, the semipermanent fundamentals are inactive precise bully for VET. For folks who conscionable privation to bargain and hold, it is simply a decent asset.