The VeChain price has not moved much in the past week, but today that has changed. The VET price has risen by more than 30 percent overnight.
The VET price rises by 33%
At the time of writing, the price of 1 VET token is around $0.07652. That is almost 33 percent higher than a day ago. But what is the reason for this huge price increase?
The price hike was predicted earlier this week by an analyst named Justin Bennett. He said that the VET price could rise by at least 40%, and that now seems to be coming true.
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On the weekly chart, the analyst identified a similar setup that was seen in 2020. At that time, VeChain was preparing for what Bennet said would be one of the biggest rallies in the months that followed. The setup we are talking about is the ‘reverse head and shoulders pattern’.
As can be seen from the chart below, when VeChain managed to break above that trendline, the price was able to resume bullish momentum into unknown territory. At the time, the price of VET gained more than 1,000% through 2021.
It is also important that VeChain eventually breaks through the $ 0.10. Only if that succeeds is VET ready for an even bigger price increase, the analyst says. However, having broken the resistance level around USD 0.070 is a very positive sign.
