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- VeChain's recovery is fueled by the VeBetterDAO, offering rewards for sustainable actions and driving engagement.
- The $0.047 resistance is key; a breakout could push VeChain higher, while failure may lead to a price dip back to $0.02.
- Increasing buyer activity on the RSI signals strong momentum for VeChain, but it must break key resistance levels to maintain growth.
VeChain has been bouncing back since the start of 2024 whereby after dropping a lot in 2022 and early 2023, it’s now rising again. Analyst Michaël van de Poppe says the rise is partly thanks to the VeBetterDAO, a new initiative from VeChain. This project rewards people for making eco-friendly choices, giving users a new way to get involved with VeChain's community.
VeChain's Recent Price Action and Technical Levels
VeChain’s price chart reflects its recent recovery. In mid-2023, VET found support at the $0.02 level. This price zone, highlighted in green, marked a key area for accumulation. From there, the market gradually climbed, testing new resistance levels.
Source: Michaël van de Poppe
VeChain broke over the $0.02 support and advanced to a resistance level of $0.047 by 2024. The asset appears to be in a critical stage based on price behavior. If the market can break through this resistance, higher price levels might be in sight.
However, the market is currently testing this resistance zone. VeChain trades at $0.041 below the $0.047 level. The Relative Strength Index indicates increasing buyer activity, nearing overbought levels. This suggests strong momentum, but the market faces a key test. If VET fails to breach the $0.047 resistance, the price could retreat to the $0.02 support. This scenario would test the strength of the recent accumulation.
Key Support and Resistance Levels for VET
The $0.047 resistance level is crucial for VeChain’s future movements. A breakout above this zone would likely trigger a new price cycle, potentially leading VET to higher levels. On the other hand, a failure to surpass the resistance could prompt a retracement toward the $0.02 support.
This would confirm the market's indecision at the moment. Therefore, VeChain’s price action within these key levels will determine its next major move. VeChain’s recovery is still in progress. The asset is currently navigating through important technical levels.
The post VeChain’s 2024 Comeback, Can the VeBetterDAO Fuel Sustainable Growth? appeared first on Crypto News Land.