HomeNewsVeChain (VET) Hits 10-Month High, VeThor (VTHO) Up 43%: Bullish Momentum Prevails

VeChain (VET) Hits 10-Month High, VeThor (VTHO) Up 43%: Bullish Momentum Prevails

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  • Significant Price Rallies: VeChain’s native tokens, VET and VTHO, experienced significant gains, with VET increasing by 20% and VTHO by 43% in a single week.
  • Bullish Market Momentum: The bullish trend for VET and VTHO was propelled by positive developments within the VeChain ecosystem and broader market optimism.

Sub-headline: VeChain Ecosystem Revels in Market Uptrend

The VeChain ecosystem is witnessing a period of impressive growth, as evidenced by the remarkable rallies of its primary native token, VeChain (VET), and its gas token, VeThor (VTHO). This upward trajectory in the crypto market has been fueled by sustained investor interest and bullish developments within the ecosystem.

VET Achieves 10-Month High Amidst Bullish Sentiment

VET, serving as the utility token within the VeChain ecosystem, has garnered significant attention due to its sustained bullish momentum. Following an extensive consolidation period, VET embarked on an uptrend on November 30, capitalizing on the late October market-wide momentum.

During this phase, VET soared from $0.0163 to $0.023, marking a 41% increase in three weeks. However, resistance at $0.023 slowed its ascent, leading to a consolidation phase that lasted until the end of November. This consolidation formed a bullish flag pattern on the daily chart, with VET breaking above the pattern’s upper trendline on November 30, signaling a continuation of the uptrend.

As a result, VET jumped from $0.0217 to a 10-month high of $0.0316, registering a 45% increase in just two weeks. Despite encountering resistance at $0.0316, VET has maintained its upward trend and is currently trading at around $0.0305, marking a 20% gain over the past week.

VTHO’s Impressive Performance

In parallel, VTHO, despite receiving less attention than VET, mirrored its counterpart’s positive trajectory, albeit with a higher rate of increase. VTHO initially rallied by 57% in late October, facing a setback at its peak before quickly recovering.

This recovery led to an even more dramatic rally, with VTHO surging 157% to a 19-month high of $0.00324. However, this peak was met with resistance, limiting further upward movement. At the time of reporting, VTHO had settled at $0.00243, still up 43% over the week.

VeThor: Key Support and Resistance Levels

For VTHO to reclaim its high of $0.00324, it must first overcome resistance at $0.00281. However, it is crucial for the bulls to defend against any potential decline below the pivotal support level at $0.00225.

In conclusion, the VeChain ecosystem’s VET and VTHO tokens have demonstrated strong market performance, buoyed by bullish sentiment within the ecosystem and broader crypto market. As the tokens navigate through key resistance and support levels, their future trajectory remains a focal point for investors and market analysts.

Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!

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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628