VeChain (VET) Price Surge was Just Cut Short by a Resistance at $0.1
After a mad dash to hit its all-time high, VeChain (VET) was brought back down to Earth by trading at $0.1 today after spiking up as high as $0.13 yesterday afternoon.
With the year 2021 drawing to a close in a matter of days, the crypto market is heating up. Since the start of the Christmas season, several coins have soared, with some even reaching — or almost reaching — their all-time highs.
However, even in these days of opportunity and anticipation, there are certain cryptos that have not fared as well. VeChain, for example, has hardly gotten off the ground after securing its new bottom early this year. Its VET currency made an attempt during the past few days, but it wasn’t enough to break over a barrier level that had previously rejected its price.
History of VeChain prices
VeChain was launched in August 2018, at the height of the crypto winter. Even if the time of the introduction was not ideal, the currency managed to rise shortly after it was released.
VET began at a price of $0.014, then plummeted to $0.008, then skyrocketing to $0.019. However, the next downturn swiftly negated this, sending the price to a new low of $0.0040, which stood as its bottom for the next year and a half. Of course, its price did not remain absolutely still, but it did have its moments of serenity.
Despite this, the currency spent the whole year of 2019 and the first part of 2020 oscillating between a support and a resistance of $0.0040 and $0.0080. Things began to improve in June 2020, when the crypto sector rebounded from the mid-March price drop brought on by the outbreak of the COVID-19 epidemic.
VeChain soared to a new all-time high of $0.022 in late June 2020. This high was followed by a drop below $0.01, only for the price to rise once again beginning in early November 2020, reaching a new high of $0.035 around January 20th, 2021.
The most prosperous year for VeChain
Intriguingly, what seemed to be a fresh high in January is now regarded one of the coin’s lowest points this year. The reason for this is that between January and mid-May of this year, VET joined the Bitcoin rally, and for the first time since its creation, it began to achieve genuinely incredible heights.
VET price stood at $0.0040 on April 20th, 2020, at its lowest point, battling to stay afloat. On April 20th, 2021, the coin reached an all-time high of $0.26, which it still retains to this day. This was also the end of its rise, as the currency began to plummet ahead of the rest of the crypto market.
VET price plummeted to a new low of $0.080 after breaking this milestone, only to quickly rebound to $0.14. Following that, a decline to $0.10 was followed by a rise to $0.14, which was one of the year’s greatest resistance levels.
VET did, however, break through to $0.08 once in 2021, in the second part of July, when one of its price adjustments sent it down to $0.06. The currency, on the other hand, more than made up for it by rising once again and approaching $0.16.
The remainder of the year was defined by similar ups and downs, with $0.08 acting as the coin’s bottom once again. It did have one more significant rise between October and mid-November, which drove it all the way up to $0.2. The currency, however, paid a high price for it, as it continued to collapse from November 9th, when it reached its high point, until December 20th, when it touched bottom at $0.08.
The currency has been rebounding over the previous week, but it was stopped this time by a barrier at $0.1, and it still doesn’t seem to have the strength to break through it at the time of writing.
Visit our Investing in VeChain guide to learn more about this coin.