VeChain (VET), currently priced at $0.033, has dropped 22.24% over the past 24 hours. The broader crypto market, including Bitcoin, has been showing mixed signs of stability and volatility. Some cryptos are attempting to bounce back stronger, while others, like VeChain, are in a bit of a holding pattern.
Over the past few weeks, VeChain has been trading sideways, forming a range between key levels. VeChain has been bouncing between support at $0.032 and resistance at $0.055. However, its in a cooling-off phase after a major move in November. The next level to watch for VeChain is its 1-month low of $0.02723, which it is currently approaching, and the 14-day RSI at 30% indicates that VeChain may be in oversold conditions.
Related: Bitcoin Liquidations Surge as Volatility Grips Crypto Market
Source: CoinMarketCap
Altcoins Test Support Levels
The broader altcoin market is currently testing a major support level, which could lead to a potential bounce to the upside soon. Bitcoins sideways movement often results in altcoins like VeChain starting to show independent price action.
Alongside the bearish trend, VeChain‘s Mainnet activity hit a new record this month, with over 15 million clauses executed. This milestone indicates the platform’s growing use and its strong blockchain ecosystem.
VeChains Ecosystem Growth
Their updated protocol, VeChain Renaissance is also underway, with updates aimed at enhancing interoperability through the VeWorld super-app. An analysts prediction from December has also gained attention, suggesting that if history repeats itself, VeChain could see a 3,000% pump within the next 100 days.
Related:February Altcoin Surge: ETH, SNSY, ADA, ONDO, and ENA Make Analysts Top Picks
This aligns with a pattern seen in previous cycles where VET mirrored a 65% dump before entering its bullish phase. If this prediction holds, VET could surge to around $0.63.
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