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<p><strong>VeChain token</strong> noted a fake breakdown and trapped the sellers near the demand zone this week. It has sharply reverted from the $0.02000 mark and made a hammer candlestick known for a bullish reversal.</p> 
<p>Following the price reversal, the token has re-entered into the range and retained the 20-day EMA mark. Still, the <strong>VET token</strong> was in a <strong>downtrend </strong>and attempted to cross the range’s upper cluster of $0.02800.</p> 
<p>Once the <strong>VET price</strong> crosses the $0.02800, it may trigger a sharp recovery and reach the $0.03000 mark shortly. However, the sellers have made their paws hard around the 200-day EMA, which is the make-or-break level.</p> 
<p>Until the 200-day EMA zone was not crossed, the token remained in the bearish region and continued to consolidate in the downtrend.</p> 
<p>At press time, the VET price traded at $0.02637 with an intraday surge of 3.36%, reflecting neutrality on the charts. It has a monthly return ratio of -15.30% and 30.20% yearly, reflecting short-term consolidation.</p> 
<p>The pair of VET/BTC is at 0.000000454 BTC, and the market cap is $2.14 Billion. Analysts are neutral and suggest the <a href="https://www.thecoinrepublic.com/2024/06/29/vet-price-prediction-can-vechain-price-surge-2x-in-the-future/"><strong>VET price</strong> </a>may register a range breakout and reach the upside mark of $0.03000 soon.</p> 
<h2 class="wp-block-heading" id="h-vechain-vet-bulls-are-in-hope"><strong>VeChain (VET) Bulls Are In Hope</strong></h2> 
<p>Its price action signifies that sellers have been trapped at the bottom and tried to secure the gains, which might trigger a short covering move ahead. Additionally, the token exhibited a healthy correction and could trigger a <strong>range breakout </strong>soon.<br></p> <iframe loading="lazy" title="Santiment Chart: Price (VET), Volume (VET)" width="800" height="425" src="https://embed.santiment.net/chart?ps=vechain&amp;pt=VET&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p><strong>VET Price Volume Profile | Source: Santiment</strong></p> 
<p>The Relative Strength Index (<strong>RSI</strong>) curve placed near 50, close to the midline region, and plotted a bullish crossover, highlighting the buyers’ traction.</p> 
<p>On analyzing over 26 key indicators, 7 indicated a sell rating, 10 were neutral, and 9 guided a buy call.</p> 
<p>This relates to the mixed cues and indecisiveness between the bulls and bears. Interestingly, the token was consolidated near its demand zone, and buyers have persisted in accumulation, but a meaningful reversal has yet to come.</p> 
<h2 class="wp-block-heading" id="h-weighted-sentiment-revealed-a-spike-nbsp"><strong>Weighted Sentiment Revealed a Spike&nbsp;</strong></h2> 
<p>The weighted sentiment data showed a notable rise and reached the positive region, noted at 1.393, highlighting that its holders are hoping for good news ahead.</p> <iframe loading="lazy" title="Santiment Chart: Weighted sentiment (Total) (VET), Development Activity (VET)" width="800" height="425" src="https://embed.santiment.net/chart?ps=vechain&amp;pt=VET&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=sentiment_volume_consumed_total%3Bdev_activity&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%228h%22%7D" scrolling="no"></iframe> 
<p><strong>Development Activity Data | Source: Santiment</strong></p> 
<p>Similarly, the development activity data showed an upmove of over 12% this week, highlighting the growth potential of the token is intact.</p> 
<p>@WorldOfCharts, in his tweet, said that <strong>VeChain </strong>cleared the primary hurdle but still did not cross the trendline hurdle.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24Vet&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Vet</a><br><br>1st Resistance Has Already Cleared As Expected Now <a href="https://twitter.com/hashtag/Vet?src=hash&amp;ref_src=twsrc%5Etfw">#Vet</a> Approaching Towards Main Resistance Real Bullish Wave Will Start After Descending Channel Breakout <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/VeChain?src=hash&amp;ref_src=twsrc%5Etfw">#VeChain</a> <a href="https://t.co/Buvpedjv5G">https://t.co/Buvpedjv5G</a> <a href="https://t.co/iXVX2P3Ihw">pic.twitter.com/iXVX2P3Ihw</a></p>— World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1811266555134595450?ref_src=twsrc%5Etfw">July 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>A Tweet by WorldOfCharts | Source: X</p> 
<h2 class="wp-block-heading" id="h-social-dominance-data-showed-a-decline"><strong>Social Dominance Data Showed a Decline</strong></h2> 
<p>On the social front, investors have decreased their activity on social media platforms. It led to a decline in the social dominance data, which was noted at 0.149%, revealing a declining interest.<br></p> <iframe loading="lazy" title="Santiment Chart: Total Open Interest in USD (VET), Social Dominance (VET)" width="800" height="425" src="https://embed.santiment.net/chart?ps=vechain&amp;pt=VET&amp;df=2024-01-11T18%3A29%3A59.291Z&amp;dt=2024-07-11T18%3A29%3A59.291Z&amp;emcg=1&amp;emhwm=1&amp;wm=total_open_interest%3Bsocial_dominance_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p><strong>Social Dominance Data | Source: Santiment</strong></p> 
<p>Similarly, the open interest data showed a flattish change over 1.20% on the long side, noted at $30.96 Million in the past 24 hours.&nbsp;</p> 
<p>As of now, the short liquidations were stable at $6k, while the long liquidations were $3.97k, signifying equal weighted data. Neither the bulls nor the bears have maintained their upper hand.</p> 
<p>The immediate support levels for the <strong>VET token</strong> are $0.02500 and $0.02300, whereas the key upside hurdle is around $0.02780, followed by $0.03000</p> 
<h3 class="wp-block-heading" id="h-all-in-all"><strong>All In All</strong></h3> 
<p>The <strong>VET token price </strong>retained the 20-day EMA mark and was trying to escape the closed range at press time. Once it triggers a range breakout, it could deliver a massive upmove toward the $0.03000 mark.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/12/vechain-vet-recovery-saga-is-a-revisit-to-0-03-possible/">VeChain (VET) Recovery Saga: Is a Revisit to $0.03 Possible?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

VeChain (VET) Recovery Saga: Is a Revisit to $0.03 Possible?

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