VeChain (VET) Poised for Bullish Surge as Key MAs Converge at $0.035. Here’s the Chart

VeChain (VET) is currently a hot topic among traders and investors as technical analysis points to a potential bullish rally.

Renowned market analyst EGRAG CRYPTO (@egragcrypto) has identified a significant development in the form of the 21-week Exponential Moving Average (EMA) approaching a cross with the 55-week Moving Average (MA) at the critical price level of $0.035.

The analyst advises investors to closely monitor VeChain’s weekly chart as the 21-week EMA nears convergence with the 55-week MA, a pattern often considered a reliable signal for investors to join the ride.

A Former Bullish Cross

EGRAG CRYPTO’s historical chart data paints a fascinating picture. The last time VeChain (VET) experienced this EMA and MA crossover was in June 2020, when the token was trading at $0.00717.

The crossover caused VeChain to embark on an impressive journey, reaching $0.0229 in August 2020. Despite encountering resistance, VET surged to an all-time high of $0.2798 in April 2021, marking a staggering 3,802% surge in just ten months.

However, the tides turned after April 2021. In January 2022, the 21-week EMA slipped below the 55-week MA, indicating weakened momentum. This shift resulted in a substantial decline from the high of $0.0831, and VET has been recovering from this correction ever since.

Now that the crypto market is rising again, VeChain is demonstrating strong bullish momentum, registering a 28.9% increase in the past month. As VET continues its upward climb, the 21-week EMA is edging closer to the 55-week MA, with both moving averages showing upward trends, fueling optimism among traders.

For a confirmed bullish trend, VeChain needs to close above the $0.035 price level. VeChain has dropped 5.09% in 24 hours to $0.02111. The last time the token closed above $0.35 was in May 2022. Referencing VeChain’s potential closing above $0.35, the analyst stated, “If this happens, we could be witnessing the ignition of a #BullMarket.”

EGRAG CRYPTO refrains from providing specific price targets for this potential rally. However, he is confident in VeChain’s potential, suggesting that it could be a path to financial success.

He closes his post with the statement, “VET will unlock ur financial chains.” With VeChain on the rise, an analyst has predicted that it could soon take over the $18 trillion logistics market, citing spectacular innovations.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.