VeChain (VET) Price Surge was Just Cut Short by a Resistance at $0.1
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With the end of 2021 being only days away, the crypto market is becoming quite active. Many coins have surged since the start of the holiday season, with some even reaching — or nearly reaching — their ATHs.
However, there are also some cryptos that were not as fortunate, even during these days of opportunity and hype. VeChain, for example, has barely managed to jump from its new bottom, which it managed to secure earlier this year. Its VET coin did make an effort over the last few days, but it simply wasn’t enough to breach a resistance level that rejected its price over the last 24 hours.
VeChain price history
VeChain was launched back in August 2018, when the crypto winter was at its strongest. While the timing of the launch wasn’t the best, the coin still managed to move up immediately after launch.
Starting with the price of $0.014, VET first dropped to $0.008, only to skyrocket to $0.019. However, this was quickly nullified by the following correction that took its price to a whole new low of $0.0040, which has served as its bottom for the following year and a half. Its price did not sit perfectly still, of course, although it did have its moments of tranquility.
But, even so, the coin spent the entire 2019 and the first half of 2020 fluctuating between the support at $0.0040 and a resistance at $0.0080. Things finally started to change for the better in June 2020, when the crypto industry recovered after the mid-March price crash caused by the rise of the COVID-19 pandemic.
Starting in late June 2020, VeChain surged to a new all-time high at $0.022. This record was followed by a correction to $0.01, only for its price to shoot up once again starting in early November 2020, and reach a brand new record at $0.035 around January 20th, 2021.
VeChain’s most successful year
Interestingly, what seemed like a new record in January, is now considered one of the lowest points for the coin this year. The reason for this is the fact that VET joined the rally that Bitcoin was leading between January and mid-May of this year, and for the first time since its launch, it started reaching some truly remarkable heights.
On April 20th, 2020, VET price sat at $0.0040, at its bottom, struggling not to drop even further down. Exactly a year later, on April 20th, 2021, the coin hit its all-time high that still holds to this day — $0.26.This also marked the end of its surge, as the coin started to crash even before the rest of the crypto industry.
After reaching this record, VET price dropped back to its new bottom at $0.080, only to immediately recover to $0.14. After that came the next drop to $0.10, and another surge to $0.14, which was one of its strongest resistances this year.
However, VET did break its bottom at $0.08 once in 2021, and it happened in the second half of July when one of its price corrections took it down to $0.06. However, the coin more than made up for it by skyrocketing again and nearly reaching $0.16.
The rest of the year was marked by similar surges and drops, where $0.08 once again started serving as the coin’s bottom. It did have one more notable rally that took place between October and mid-November, and this one took it all the way up to $0.2. However, the coin paid for it dearly, as it kept crashing from November 9th, when it reached this height, until December 20th, when it hit bottom at $0.08 again.
Over the last week, the coin has been recovering once more, however, although this time, it was stopped by a resistance at $0.1, and even now, at the time of writing, it simply doesn’t seem to have enough strength left to breach it.
To learn more about this token visit our Investing in VeChain guide.