VeChain (VET) Marks 42% Weekly Surge as Trump Victory Boosts Crypto Markets

TLDR

• VeChain (VET) has seen a 42.6% weekly increase amid broader crypto market rally
• Trump’s election victory and pro-crypto stance potentially driving market momentum
• Current price remains 90% below all-time high of $0.281 from April 2021
• CoinCodex predicts maximum price of $0.028247 this month
• Telegaon forecasts possible $0.15 price point in 2024

VeChain has emerged as a standout performer in the cryptocurrency market, posting a remarkable 42.6% increase over the past week.

The digital asset has shown strength across multiple timeframes, with gains of 10.2% daily, 23.8% over two weeks, and 23.3% monthly performance.

The latest price movement comes as Bitcoin reached a new all-time high of $89,560.95, creating a ripple effect throughout the cryptocurrency market. VeChain’s upward trajectory aligns with this broader market momentum, suggesting increased investor confidence in the altcoin sector.

Recent trading data indicates that VeChain has maintained consistent growth since November 2023, recording a 26.6% increase over this period. This steady performance indicates sustained buyer interest beyond short-term price swings.

The cryptocurrency’s recent surge coincides with Donald Trump’s victory in the US Presidential election, which has sparked renewed optimism in crypto markets. Trump’s well-documented support for the cryptocurrency sector has led to expectations of a more favorable regulatory environment.

Market analysts point to Trump’s stated intention to appoint pro-cryptocurrency candidates to key financial agency positions as a potential catalyst for the current rally.

This political development has contributed to increased trading volume and positive sentiment across the crypto market.

Despite the recent gains, VeChain’s current price remains substantially below its historical peak. The token reached an all-time high of $0.281 in April 2021, and current prices represent a more than 90% decrease from that level.

Looking at short-term projections, CoinCodex analysts maintain conservative estimates for VeChain’s near-term performance. Their analysis suggests a maximum price target of $0.028247 for the current month, representing a potential upside of 1.86% from current levels.

Changelly’s research team has provided a longer-term outlook, suggesting that VeChain may not reach the $0.10 mark until April 2028. This timeline indicates a measured pace of growth over the next several years, rather than rapid price appreciation.

Taking a more optimistic stance, Telegaon researchers have projected that VeChain could reach $0.15 within 2024. However, their analysis does not specify which month this target might be achieved, leaving room for interpretation regarding the timing of potential price movements.

The token’s performance across various timeframes shows consistency in its upward movement. The 14-day charts reveal a 23.8% increase, while the monthly timeframe shows a 23.3% gain, indicating steady buying pressure across different trading periods.

Trading volume data suggests increased market participation during this rally, with buyers showing strong interest at current price levels. This increased activity has contributed to the sustainability of recent gains.

Technical indicators and chart patterns demonstrate the formation of higher lows and higher highs, typically considered positive signals in market analysis. These patterns have developed across multiple timeframes, supporting the current upward price trajectory.

Market data shows that VeChain’s price action has maintained correlation with broader cryptocurrency market trends, particularly following Bitcoin’s movements. This relationship has become more pronounced during the recent market-wide rally.

The most recent trading sessions have shown continued buyer interest, with the token maintaining stability above key support levels. Volume profiles indicate sustained trading activity supporting the current price range.

Price data from major exchanges reveals consistent upward momentum across various trading pairs, suggesting broad-based buying rather than isolated activity on specific platforms.