VeChain’s price is currently at $0.028, down significantly from its all-time high of $0.28 in April 2021. Despite these efforts, VeChain has been struggling to regain its former glory for nearly three years. Focused on supply chain solutions, this cryptocurrency has faced ongoing challenges and has not grown much. It is stuck under bearish control.
Analyst Crypto ZX provided an update on VeChain price, discussing its current status and potential moves in February. On a daily basis, VeChain experienced a 1% decline due to the overall market decline following a slight decline in Bitcoin. Vechain’s market capitalization remains strong at over $2 billion, with 24-hour trading volume reaching $30 million.
Crypto ZX highlighted the importance of VeChain’s key resistance level of 3.367 cents. A recent poll on preferred coin investments showed Vechain at 7%, indicating continued interest even though other projects are receiving more attention. Crypto ZX believes that those paying attention to Vechain are early adopters who recognize Vechain’s long-term potential amidst the turmoil in the cryptocurrency space.
The analysis takes a closer look at the VET price history, focusing on the downtrend following the breakout of resistance on December 20th. Analysis shows that Vechain’s current consolidation of around 3 cents presents an opportunity for those who believe in its vision.
Despite being overlooked, Vchain’s team, expansion, and innovation are its strengths. The main target is still above key resistance levels. Successfully surpassing this target could lead to a resurgence and possibly reach an annual high.
Crypto ZX urged everyone to monitor Bitcoin’s performance, saying a push above $46,000 could pave the way for Vechain to easily overcome resistance. Crypto ZX acknowledged that Vechain is currently undervalued, but expressed optimism about the future in 2024, anticipating potential surprises.