VeChain is recovering after a deep price drop: Chances of further recovery are increasing

After a significant peak of $0.051 in March, VeChain (VET) entered a prolonged downward spiral. In early September, the coin hit a low of $0.019, a loss of almost 63% in six months.

Now, however, VeChain appears to be rebounding, with a 21% recovery to a current price of $0.023. This rebound is creating optimism among investors, especially as the price approaches an important technical level.

Technical analysis offers hope

VeChain is a unique blockchain platform that distinguishes itself from its competitors by focusing on improving supply chain management and business processes. With the recent gains, VeChain is currently trading around the 50-day exponential moving average (EMA).

This technical level is seen as a key point that could indicate a potential reversal in the downtrend. If VeChain manages to stay above this level, further gains could be in store.

Crucial period for VET

VeChain remains within the range of a possible recovery, with key support levels located around USD 0.024 and USD 0.020. Should the price dip below these levels, further declines could follow and new lows may be reached. In the near future it will be important to see whether VeChain can maintain its positive price development.

Analyst sees a golden opportunity in another cryptocurrency

In addition to VeChain, there are also other projects that are performing remarkably. For example, crypto analyst The Flow Horse predicts a major increase for Sei (SEI), a layer-1 blockchain optimized for speed and scalability.