VeChain Spikes 67% Ahead of Major Announcements. Can VET Make an ATH?

• VeChain (VET) price jumped 67% over the past week.
• Currently, VET is trading at $0.04793 with a market cap of $3.4 billion.

During Bitcoin’s recent surge to $52,300, followed by profit-taking, the altcoin market has displayed significant activity, with VeChain (VET) emerging as a standout performer. Over the past seven days, VET has surged by an impressive 67%, outpacing many of its counterparts in the crypto market.

VeChain is reflecting a broader trend of double-digit increases across various altcoins. At the time of writing, VeChain was priced at $0.04809, reaching levels last observed in April 2022. This signifies a notable 37.12% daily uptick, coupled with a significant surge in trading volume, which has surged by 263% to hit $341 million.

Further, the recent surge in VeChain’s price coincides with anticipation surrounding an impending announcement from the VeChain network. Community sources hint at forthcoming plans to leverage blockchain technology to enhance sustainability efforts. VeChain aims to establish interconnected ecosystems that incentivize and reward sustainable behaviors through blockchain-based solutions.

What is VeChain’s (VET) Next Target?

According to the daily price chart, VeChain showcases a potential breakout. If the current trend persists, VET is expected to breach the $0.058 and $0.75 resistance levels. That would pave the way for further bullish momentum towards the $0.165 range.

VeChain (VET) Price Chart (Source: TradingView)

Conversely, if a reversal trend occurred, VeChain could see immediate support at $0.0395, with potential declines to $0.037 and $0.034 levels.