- VET turned north after dropping to 20-day SMA earlier in the week.
- $0.1000 aligns as the initial target on the upside.
- The RSI indicator on the daily chart shows VET is about to become overbought.
VeChain price started the new week on the back foot and lost more than 13% before reversing the course on Friday. Following an impressive 11% rebound, VET preserved its bullish momentum on Saturday and was last seen gaining 6.6% on a daily basis at $0.09590.
VET could struggle to break above $0.1000
On the upside, the first resistance is located at $0.1000 (psychological level). On Monday, VET lost its traction after approaching this level as the Relative Strength Index (RSI) indicator on the daily chart rose above 70 to show overbought conditions.
On the other hand, the first support could be seen at $0.0850 (lower limit of the ascending channel) ahead of $0.0777 (20-day SMA). A daily close below the latter could trigger a technical selloff and cause a bearish shift in the near-term technical outlook.
The ongoing rebound suggests that sellers are struggling to dominate VeChain’s price action. However, the technical picture suggests that another downward correction is possible before VET aims for new highs above $0.1000.
Here’s What’s Next for Chainlink, Curve, Skale, The Graph, THORchain and VeChain, According to Analyst Michaël van de Poppe
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.”
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.
“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.
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.
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.
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.
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.”
VeChain (VET) Stake Holders Have Spoken Mainnet Upgrade by End of October
VeChain’s stakeholders have spoken. The all-stakeholder vote to implement the first phase of PoA2.0 on the VeChainThor mainnet has ended with an overwhelming majority of 737 voting of ‘Agree’ Thank you for taking part! Mainnet will be upgraded by the end of Oct.
Community Response: When Coinbase listing? Look – VET is on Binance and what is currently #1 Crypto Exchange? Why would we need Coinbase listing when we are already on the Top.
Excellent work team. Are you able to provide an estimate of a completed POA 2.0 upgrade? Even if a loose estimate? End of October they said. I think the end of October only refers to this particular step in the upgrade, not the entire POA2.0 migration.
Vexchange=done, poa2.0=done, price=0.12 Seems 0.26 is the top. I enjoyed the ride.
The all-stakeholder vote to implement the first phase of PoA2.0 on the VeChainThor Mainnet has ended with an overwhelming majority of 737 voting of ‘Agree.’
What are the direct benefits for enterprises after Phase one is launched on Mainnet? What difference does it make for your node? Is it more security or more TPS? Now we are getting somewhere.
Otherwise, Sunny Lu, CEO and Founder of VeChain stated “Everything is connected or to be connected.” BMW x DHL x VeChain.
The good news is that DHL has chosen the VeChainThor blockchain for their NFT collection. As a trend pioneer, DHL China has permitted everyone to customize the DHL mascot and mint it as a NFT on the VeChainThor blockchain.
Community Response: You’re not an NFT company man, begin announcing supply chain contracts.
This is just the beginning of a robust eNFT ecosystem and VeChain are looking forward to future collabs with the DHL team.
You are not an NFT company man, start announcing supply chain contracts.
$VET prediction for short – mid-term is looking really bullish. Bullish cross 20 and 55 EMA in daily time frame.
Was expecting something a little more exciting than this. Is it really worth announcing? Shows a good partnership with DHL China but that’s about it. Who would want to customise and mint the DHL Mascot? At least provide some substance to the ‘news.’
VeChain has a growing expertise from years of live commercial use cases, which ensures that VeChain will play an ever more vital role in tackling the challenges of global food equality in delivering United Nations SDGs. Apart from this, VeChain has been doing a lot in terms of improving the competitive advantage for sustainable brands. The possibilities with VeChain are improved because of its capabilities to create and deploy smart contracts on VeChain.
Top Crypto Analyst Unveils Massive Polkadot Prediction, Issues Cardano, Solana and VeChain Price Alert
Crypto strategist Michaël van de Poppe is extremely bullish on Polkadot (DOT), while warning several popular altcoins may face further corrections.
The trader and analyst tells his 442,000 Twitter followers that DOT appears “programmed” to rise above $100 in the current market cycle.
Using a Fibonacci extension model, he outlines $75 and $115 as potential targets.
“If we assume that the area around $37 is going to hold as we are into a bull cycle, you could wonder whether you could be getting into the markets already or whether there’s a retest. So you derive a potential scenario of potential lows and potential gains. So for you, the [upside] targets are $75 to $115…
If you analyze the fact that we are going to sustain at around $38, then the potential loss and invalidation is this previous low at $32.”
As for Cardano (ADA), Van de Poppe says the fifth-largest crypto asset by market cap is sending bearish signals on the Bitcoin (BTC) chart.
“Cardano against Bitcoin is showing heavy run-up, bearish divergence here, and currently showing weakness resulting in overall downwards momentum.”
The cryptocurrency analyst says that a buying opportunity may present itself if support around 0.00002930 BTC holds, which is worth about at $1.75 at time of publishing.
“The crucial area that I want to see sustained is overall this level [at $1.75]. If that is going to hold here, which I might find tricky, then I’m looking for anything in these regions for potential long entries.
If that one is lost, I think we’re going to look at the area around 0.0000150 BTC [$0.90] and 0.00002 [$1.19] BTC before we’re going to get bullish all over again.”
Next up, Van de Poppe says he expects Solana (SOL) to experience “heavy correction.” According to the crypto analyst, the ideal opportunity would be after Solana corrects by about 67%, falling to around the 0.00135 BTC level on the SOL/BTC chart, which is currently valued at $80.40.
“Solana, same picture. Heavy correction most likely going to take place.
I practically have one area that I’m looking at to buy Solana at this point. It’s this region (0.00135 BTC). I’m not interested in Solana until there. That’s a corrective move of 67%.”
The cryptocurrency analyst also looks at supply chain management blockchain VeChain (VET), which he says is trending downwards.
“What we can see in this cycle too is that we are making lower highs [and] lower lows. And we are also rejecting previous support for resistance all the time.”
According to Van de Poppe, the “best potential entry point” on the VET/BTC chart is either the 0.00000110 BTC level or at 0.00000150 BTC, worth $0.066 and $0.089, respectively.
“Best potential entry point for me is around 0.00000110 BTC [$0.066]. I’m looking at an entry point in this region. If we get there in November and December, that would be absolutely amazing if that is going to be hit.
Second one – that’s this entire zone that we have here. We dipped in it already and that is the zone around 0.00000150 BTC [$0.089].”