VeChain [VET] registers exponential growth, but is a reversal underway?

ambcrypto.com:

Lookonchain, in a 20 February tweet, revealed that the prices of Chinese coins were on the rise over the last few days. VeChain [VET] was one coin that experienced massive growth, with its price increasing by double digits. 

— Lookonchain (@lookonchain) February 20, 2023

Realistic or not, here’s VET market cap in BTC’s terms

According to CoinMarketCap, VET’s price increased by over 38% in the last seven days, and at the time of writing, it was trading at $0.03162 with a market capitalization of over $2.29 billion. 

Interestingly, VET’s momentum seemed to have increased as its price went up by over 6% in just the last 24 hours. A possible reason for this uptick could be the recent developments in its ecosystem. The latest such development was the launch of VeChain’s VeWorld, the network’s new official wallet. 

We're continually lowering barriers to entry for #blockchain & crafting an optimal real-world #Web3 environment.

Build the future on $VET! #VeChainhttps://t.co/zO3Mj6qSt8 pic.twitter.com/8VqCBAMX5z

— VeChain Foundation (@vechainofficial) February 20, 2023

VET ’s daily chart revealed that the bulls were dominating the market, which drove the token’s price upwards. The distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA was increasing, suggesting that the bulls were not taking the back seat. The MACD’s findings also complemented those of the EMA Ribbon, as it too