VeChain (VET) price is surging once again after a pullback in March. VET crypto closed the month with a 12.95% loss after a bullish start to the year. Nevertheless, the price has shown a significant recovery and is now trading 24.5% above its March lows. Our analysis shows that the coin can go up more before getting rejected once again.
On Wednesday, crypto markets are showing a positive price action as Bitcoin price is trading above $28,500. Major altcoins are trading close to their weekly highs as Ethereum has broken above the $1900 level for the first time in the last seven months.
VeChain Upgrades VeWorld Wallet
According to the most recent VeChain news, the project has released a new version of its web3 non-custodial wallet known as VeWorld. The latest version includes the Fee Delegation feature, changes on Price Feed, and fixes in the Manage Token view. The announcement was made by Sebaseek, the UI tech lead at VeChain, in his latest tweet.
Despite the availability of infrastructure, VeChain blockchain is still far behind other layer-1 platforms. The effect is also reflected in VeChain price, which is trading 91.35% below its all-time high. According to DeFi Llama, the total locked value (TVL) on the network is only $1.5 million, which is just a fraction of the TVL at major smart contract platforms.
VeChain Price May Surge 11% But…
It is quite clear from the following chart that the VET crypto price has been trading within a range since June 2022. The bottom of this range lies at $0.02 and acts as strong support. Similarly, the range high of $0.034 acts as resistance for the price. Due to a recent bounce from the range lows, I expect a retest of the range mid very soon. The range mid currently lies at $0.027, which is 11% up from the current price.
Another confluence behind this VeChain price prediction is the fact that the price is still trading above the 200-day moving average. However, due to the shift to f market structure on the daily chart, I expect a pullback from $0.027 that may result in the retest of the range lows once again. To trade this move with me, you are welcome to join my free Telegram channel.
