VET Holders Unimpressed With VeChain's New Highs

VET looks ready to resume its uptrend after breaking out of a two-week-long consolidation pattern.

VET Holders Unimpressed With VeChain's New Highs
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Key Takeaways

  • VeChain has posted a year-to-date return of over 460%, rising to a record high of $0.106.
  • Despite VET’s impressive upward price action, market participants believe it is undervalued.
  • Further buying pressure could push this cryptocurrency towards $0.113 since it recently broke out of a symmetrical triangle.

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VeChain made headlines after reaching a new all-time high of $0.106 in the past few hours. Even though a spike in profit-taking seems imminent, VET has more room to go up. 

VeChain Targets Higher Highs

A new Twitter poll conducted by Real Vision asked cryptocurrency enthusiasts whether Hedera Hashgraph, Ravencoin, or VeChain was the most undervalued altcoin in the market. 

Roughly 66% of more than 140,000 respondents believe that VET has not realized its upside potential despite its network utility.

Although the supply management token has posted a whooping year-to-date return of over 460%, market participants believe there’s more room for growth.

Following the bullish sentiment, VET recently broke out of a symmetrical triangle that developed on its 4-hour chart for the past two weeks. 

The sudden upswing allowed VET to rise to a new all-time high of $0.106. Even though some investors could take advantage of the recent price action to book profits, this technical pattern suggests further gains on the horizon. 

VeChain US dollar price chart
VET/USD on TradingView

By measuring the height of the triangle’s y-axis and adding it to the breakout point at $0.095, it anticipates that VeChain is primed to rise another 6.30%. 

Such a bullish projection puts VET’s market value at a new record high of $0.113.

Disclosure: At the time of press, the author held Ethereum and Bitcoin.

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