In the recent crypto market downturn, the VeChain (VET) token was among the hardest hit. The coin experienced a dramatic drop, falling to nearly $0.05 — about 85% below its all-time highs. It appears, however, that the token has recouped some losses and may be positioned for further gains. Key points to consider:
-
Despite the recent uptick, VeChain (VET) still trades far below its 2021 peaks.
-
At the time of writing, the token traded at $0.05307, reflecting an intraday increase of nearly 20%.
-
That said, VeChain remains in a broader bearish market, even though it has shown signs of life over the past few days.
Data source: Tradingview.com
VeChain – Will the Bullish Momentum Continue?
A 20% rise in 24 hours understandably generates bullish sentiment for any token. VET also gained roughly 17% over the past seven days. However, these gains occur in the context of a wider crypto market recovery.
In essence, VET’s positive price move may be largely driven by overall market sentiment. VeChain still trades below its 25- and 50-day simple moving averages, which suggests downward pressure could persist.
Watch whether VET can sustain a move above $0.05307. If selling pressure intensifies, the coin could realistically retreat to the next support level near $0.035.
Should You Buy VeChain (VET)?
Despite its recent declines, VeChain has long been considered a viable investment. The project has solid fundamentals and offers a compelling alternative to networks such as Solana and Ethereum. For investors, VET remains a token worth considering. You might choose to enter a position within the coming week or so, but be mindful that while the token is rising today, it can also drop sharply.