VeChain (VET) and VeThor (VTHO) Tokens Soar 20% and 40%: Bulls Take Charge in VeChain Ecosystem
- VeChain’s VET and VTHO tokens are surging in value, with VET hitting a 10-month high, up 45% in two weeks, and VTHO rising 43% in a week.
- Bullish developments in the VeChain ecosystem are driving investor optimism and price rallies in VET and VTHO.
VeChain’s primary utility token, VET, has seen a substantial surge in value. The bullish momentum for VET began on November 30th in three weeks of consolidation. Notably, the crypto asset had embarked on a substantial rally from $0.0163 on October 19th to $0.023 on November 9th, marking a remarkable 41% increase in just three weeks. However, the price faced formidable resistance at the $0.023 mark, which halted the rally.
After that, from November 9 to November 30, VET saw a further three weeks of consolidation. It’s interesting to note that a bullish flag formed on the daily chart during this consolidation phase.
Consequently, VET experienced a remarkable 45% increase in two weeks, rising from $0.0217 on November 30th to a 10-month high of $0.0316. VET has maintained its upward trajectory despite opposition at the $0.0316 level; it is currently trading at $0.03, indicating a 20% increase over the last week and a 24-hour decrease of 2%.
VTHO Follows Suit with a 43% Weekly Surge
Although VET has received more attention, VTHO, the gas token on VeChain, has seen comparable price increases, albeit more quickly. In late October, VTHO also began to rally; from a low of $0.00103 on October 19 to $0.00162 on November 8, it rose by 57%.
Similar to VET, resistance was present when VTHO first reached its apex. As VET reached its resistance, it consolidated, while VTHO had a brief decrease of up to 22%, bringing its price down to $0.00126. However, the bears quickly recovered, so this decline was just temporary.
After this decline, VTHO bounced back strongly, rising an amazing 157% to reach a 19-month high of $0.00324, a price level not seen since May 2022. At this 19-month high, however, new resistance surfaced, providing a roadblock to additional upward momentum.
VTHO has increased by an astounding 43% over the last week to trade at $0.00243 at the time of posting. The $0.00281 level would probably provide resistance to any attempts by VTHO to regain the $0.00324 high. To prevent a decline below the critical $0.00225 support level, the bulls must take defensive action.
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Market Enthusiasm Grows Amid Bullish Developments
The VeChain ecosystem’s latest advancements have sparked excitement among traders and investors alike. These changes may cause ongoing interest and price rallies in VTHO and VET. Positive advancements are still happening on VeChain’s blockchain, while the cryptocurrency markets are waiting impatiently for a possible bull run.
Additionally, in 2023, the VeChain team has maintained a steady stream of updates regarding their ongoing projects, boasting a diverse portfolio of initiatives. Additionally, on March 6, 2023, they unveiled the VET 3.0 protocol by releasing a new whitepaper, also the recent launch of “The HiVe” event.
These events highlight the importance of the VeChain ecosystem in the larger blockchain landscape and provide support for investor optimism. With VET and VTHO continuing to show signs of bullishness, the next few weeks and months may be critical in defining the trajectory of VeChain’s ecosystem.
