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VeChain Price Prediction: VET bulls have two support levels to defend to avoid 30% correction

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  • VeChain price recently tapped the upper trend line of the parallel channel at $0.098.
  • Momentum Reversal Indicator’s reversal signal has resulted in a 20% correction so far.
  • If VET bulls fail to bounce before $0.074, a 25% retracement to $0.05 seems likely.

The VeChain price has shown textbook adherence to the ascending parallel channel. Now, a retracement seems likely if bulls fail to defend crucial levels.

VeChain price looks to form a lower low

Since late December 2020, VeChain price has set up multiple higher highs and higher lows, which form an ascending parallel channel when connected via trend lines. Overall, this is a bearish pattern, but VET’s bull run seems to be encapsulated within this technical formation.

The recent swing low created on February 28 resulted in a 172% upswing that produced the latest pivot high. Now, as the VeChain price reverses, a bearish scenario looms. However, the buyers can prevent this from happening and push for one last leg up if the SuperTrend indicator’s buy signal around $0.081 is preserved.

If this level fails, bulls can give the upswing another chance from the subsequent demand barrier at $0.074, coinciding with MRI’s State Trend Support. It would be rather grim for VeChain bulls if both the levels are breached.

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Investors can expect the VeChain price to retrace 20% toward $0.059 if the aforementioned support barriers are broken. This target coincides with the 61.8% Fibonacci retracement level, and the correction is likely to stop here.

VET/USDT 12-hour chart

VET/USDT 12-hour chart

Investors need to pay close attention to $0.081 and $0.074. There is a high likelihood that the VeChain price will give the upswing another try from these levels.

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If the bulls manage a decisive close above the $0.085 level, a 27% upswing to $0.109 coinciding with the 127.2% Fibonacci extension level seems more than likely.

VeChain

VeChain Price Analysis: VET slowly trades higher, targets $0.143 next resistance?

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  • VeChain price analysis is bullish today.
  • VET/USD set another local higher high yesterday.
  • Closest resistance at $0.143.

VeChain price analysis is bullish today as further higher highs have been set over the last 24 hours after the $0.128 mark prevented further downside on Friday. Therefore, we expect VET/USD to continue higher and test the $0.143 mark next.

VeChain Price Analysis: VET slowly trades higher, targets $0.143 next resistance? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly with bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 0.90 and 3.03 percent, respectively. Meanwhile, Shiba Inu (SHIB) is the top performer, with around 40 percent gain.

VeChain price movement in the last 24 hours: VeChain moves above the previous high after retesting $0.128 as support

VET/USD traded in a range of $0.1317 – $0.1394, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 0.53 percent and totals $553.7 million, while the total market cap trades around $8.77 billion, ranking the coin in 23rd place overall.

VET/USD 4-hour chart: VET targets $0.143 next?

On the 4-hour chart, we can see the Vechain price action slowly moving higher, likely leading to a move to $0.143 next resistance later today.

VeChain Price Analysis: VET slowly trades higher, targets $0.143 next resistance?
VET/USD 4-hour chart. Source: TradingView

After a strong start of October, the VeChain price did see a slowdown during the middle of October as only slightly higher highs could be set. After peaking at $0.128 on Monday, VET/USD saw a clear higher low set at $0.115 on Tuesday.

From the 0.115 mark, a strong rally was seen over the following days until the $0.135 next resistance was reached on Friday. Yesterday, VET/USD retraced to retest the previous swing high resistance as support at $0.128, leading to a reversal to the upside.

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Late yesterday, VeChain price action saw bullish momentum return, leading back towards the previous high. Eventually, VET/USD made a slightly higher high at $0.138, indicating we could see further upside today to the $0.143 next resistance.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bullish today as further upside was seen yesterday after a retest of $0.128 previous resistance as support. Therefore, we expect the bullish momentum for VET/USD to continue, leading to the $0.143 mark next.

While waiting for VeChain to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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VeChain (VET) is Valid in China 0.15 is an Easy Target Triple Digit Soon

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VeChain (VET) Expressed:  Vechain received a certificate from the China Association for Standardization, a body under the State Council, for our major contributions to the T/CAS 493-2021 Standard for household electrical equipment. Our blockchain tech is becoming the industry standard.

Community Response:  VET is valid even in China. 0.15 is an easy target. A target that is nearly 50% below this year’s high? However, the winging is because many bought at the top. Whilst for most they are over 3000% up and 0.15c will only add to their % target.

When China banned crypto they still weren’t banning blockchain and in order to use VeChains blockchain it requires the holding of VET to generate VTHO in order to burn VTHO.

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Isn’t the bigger news here that VeChain participated in the development of the standard?

The fact they are consulted by government associated bodies as the technological standard bearers for blockchain is unbelievably bullish.

They’re becoming recognised as legitimate. It’s great news. One day Vechain will be worth triple digits.

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As an investor it is our job to research. They already went through the start-up phase and are now a solidified company. The days of full out explanations and projections are gone.

VET in bull mode I am the buyer. Vechain publishes a tweet and the VET market collapses by 5% BTC still leads the market. VET season will come. Just need to be patient, this is big news.

“Our blockchain tech is becoming the industry standard.” The announcement to the world: a standard was born aka a crypto blockchain star was born. VET is the brightest star.

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With the number of businesses in China and the goods produced there, the capabilities of VeChain could cover a major amount of that market. VeChain to the moon.

I have always liked this project but I don’t understand why doesn’t it get any mainstream attention.

Understanding VeChain’s 2 token mechanism i.e. Vet and VTHOR is the key to really understanding the asset you. So in short if holding Vet on a short term play will not get your desired result. Hodl and reap the rewards long term. This is crazy huge news. You guys are on your road to being legitimised.

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What does this mean to individual investors? Please give investors more information. It seems like awesome news but without knowing further details you won’t attract new investors.

Please list on Coinbase. It takes some let know for VeChain. It is extremely undervalued.

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Here’s What’s Next for Chainlink, Curve, Skale, The Graph, THORchain and VeChain, According to Analyst Michaël van de Poppe

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Crypto strategist and trader Michaël van de Poppe has high hopes for a handful of altcoins amid Bitcoin’s (BTC) recent rally to new all-time highs.

In a new strategy session, the prominent trader begins by outlining his latest analysis on the native asset of the decentralized price feed service Chainlink (LINK).

“At this stage I think that Chainlink is still in the area of interest if you want to get a position on this one. I think that’s completely fine, it’s just ready for a breakout.”

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At time of writing, LINK is valued at $28.79, up 5% on the day but flat over the past week, according to CoinGecko.

Next on the trader’s list is Curve DAO Token (CRV), the asset powering the automated market maker protocol of the same name.

He expects the coin to move sideways in the short-term before a fresh breakout begins.

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“Curve has been seeing this beautiful retest here, a beautiful structure in which we are most likely going to see continuation towards resistance here, before we have some slight consolidative periods towards the area here and then we are going to break out at some stage later.”

CRV is priced at $2.90 at time of writing, down slightly from its weekly high of $3.05.

Next, van de Poppe looks at the decentralized application (DApp) protocol Skale (SKL), which is designed to help developers bypass congestion on the Ethereum network.

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He thinks SKL will begin to rise next month.

“We are most likely in November going to have this breakout towards… 1400 sats before we are going to have the new impulse, new probably final impulse wave, on Skale.”

Right now SKL is going for $0.34, up 11% from its 7-day low but down 25% from the high of $0.42, according to CoinGecko.

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Van de Poppe next analyzes the chart for decentralized blockchain indexer The Graph.

“This one is also on the list. [It] has been underperforming in the past months, and actually in 2021 has seen [only] one impulse wave. But if support sustains here… if it continues to make higher lows, then there is a most likely breakout going to take place.”

Currently GRT is valued at $0.88, down 5% from its weekly high but up over 30% from its low of $0.70.

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The crypto analyst says he’s looking for the decentralized cross-chain liquidity protocol THORchain (RUNE) to post a higher low, which would suggest another move to the upside is in order.

“When I see this big bounce back up I’m assuming that we’re going to grant ourselves some slight consolidation, grant ourselves a higher low, and then we start continuing.”

RUNE is going for $8.71 at time of writing according to CoinGecko, which is just shy of its weekly high after a low of $7.25.

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As for the supply chain platform VeChain (VET), van de Poppe says he’s sticking to his prediction at the beginning of October and looking for the coin to fall to at least 0.00000149 BTC [0.094] before a sustainable uptrend can begin.

“Still waiting on VeChain (VET) to hit those levels.”

Source: Michaël van de Poppe/Twitter

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