The cryptocurrency market is showing signs of stress amid escalating geopolitical conflicts, particularly between Israel and Iran.
Impact of Geopolitical Events on Cryptocurrencies
The cryptocurrency market is experiencing stress as geopolitical tensions, stemming from the conflict between Israel and Iran, affect digital asset prices. In particular, Ethereum (ETH), one of the leading cryptocurrencies, has fallen from a monthly high of $2,877 to around $2,550.
VET Pattern and Potential Bullish Reversal
VeChain (VET) has also faced pressure, posting a red weekly candle and increasing its monthly decline to over 22%. However, the VET daily chart shows a potential bullish pattern reminiscent of its past price movements. In late 2024, VET was stuck in a falling wedge, which triggered a 304% rally.
Prospects for VeChain
The current structure of VET mirrors past declines, with the price reaching a crucial horizontal support zone around $0.019–$0.020, where a previous bounce occurred. If it manages to break above the wedge and the 50-day moving average, it could lead to a rally taking VET back to the long-term trendline around $0.10+, marking a potential increase of over 300%.
In the face of global instability, investors should remain cautious, as a successful bounce from the support zone is critical for confirming any future growth.
