The digital asset market is now enduring massive bearish runs to post losses in the past few days after their high flying start to the year. While others are busy in the red zone, one coin has chosen to stand out amongst them, making massive returns to put smiles on investor’s faces. Investors of Vechain would have so much to start for if they indeed stuck by the digital asset when it saw a bearish run push it to lows of about $0.019 after it met resistance at $0.0348.
Following a massive surge that took place shortly after, the digital asset could trade close to $0.366 after it saw a little price correction to close out yesterday. Even with the bullish run in sight, analysts and experts point out that the digital asset might pause a little for now.
Vechain moves into the top 25 on CoinMarketCap
The bears will be patiently waiting for trader activities in the Vechain market after the digital asset has failed to leave its stagnated position of $0.3461. presently, the digital asset has made its way into the top 25 of the market cap ranking with its recent figure of $2.05 billion. The asset also boasts nothing less than $694 million in daily trades over the last few days. In this present time, Vechain has seen a massive surge of 7.89% in the last one day and 32.43% in a week.
Vechains has now added one extra as a hospital in Cyprus has noted that all the records of its vaccine used in the fight against coronavirus pandemic have now been successfully stored on Vechain. Accordingly, people that have successfully undergone the vaccination would be issued a digital certificate, which can be found on the E-HEcert app. The app serves as a wallet where results of tests taken in the lab are stored, and results are stored using the Vechain Thor Blockchain.
Trader activities needed for Vechain to break above resistance figure
Presently, the key levels of Vechain are showing that its resistance figure is set at $0.0430, $0.0380, with the last one coming close at $0.0346. In the same vein, its support level is set at $0.0277, $0.0225, with the last one being $0.0190. Vechain saw its previous bullish run pause momentarily after it touches a key resistance figure. It would now need the help of traders who would need to increase the buying pressure if the coin would have any hope of breaking above that resistance figure.
If the resistance figure is breached, then the digital asset would be looking to an all-time high. If traders do not increase the buying pressure and the momentum fades, Vechain would undergo a bullish run, seeing the digital asset touch its all-time low figure.
If eventually, the coin goes below, it would need the support at $0.030, so it won’t reach the lower figure of $0.020, and if that happens, all the hope to reignite a bullish run would automatically fade. If the momentum then fades, Vechain might test the $0.018 before going on to try the $0.018 price mark.