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VeChain Price Forecast: VET postures for a 40% gain as energy builds

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  • VeChain price is struggling to overcome the Anchored VWAP at $0.087 that began on January 3, 2021.
  • VET came close to activating the double bottom on August 1.
  • The six-hour chart reveals a Golden Cross is fast approaching, suggesting higher prices.

VeChain price has built on the rebound from the 50-week SMA, registering a 15.21% gain last week and closing July with a minor decline of -1.64%. The persistence of the Anchored VWAP has been containing a rally continuation since the July 26 high and preventing VET from triggering a double bottom pattern. Until the altcoin actives the double bottom pattern, the outlook is neutral with the outside potential for a mild pullback.

VeChain price in the crucial hours of the bottoming process

VeChain price has manufactured a 45.88% gain since July 21, carrying the cryptocurrency near the double bottom trigger price of $0.095 and the strategically important 200-day SMA at $0.097. Moreover, the tight VET price action over the last seven sessions has compressed the Bollinger Band to the narrowest range since the decline in early July.

The VeChain price contraction has positioned VET to experience a sharp move in the coming days. After triggering the double bottom, a resolution to the upside will struggle with the 200-day SMA at $0.097. Following a successful breakout above the long-term moving average, the digital token is cleared to test the 38.2% Fibonacci retracement level of the April-May correction at $0.133, delivering a 58% return from the current price. The Fibonacci level will be firm resistance due to the price congestion in late May and early June.

The measured move of the double bottom is 41.69%, presenting a VeChain price target of $0.135, which is slightly above the 38.2% retracement level of $0.133.

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VET/USD daily chart

VET/USD daily chart

Adding to the bullish VET narrative is the approaching bullish Golden Cross pattern on the six-hour VeChain price chart. The pattern is activated when the 50 six-hour SMA crosses above the 200 six-hour SMA. The last Golden Cross on the six-hour chart occurred in November 2020, right before the beginning of the considerable advance into the April high.

VET/USD 6-hour chart

VET/USD 6-hour chart

VeChain price is in the crucial hours of the bottoming process as resistance is gaining influence, and the downside is only protected by the 50-day SMA at $0.080. A failure at the tactically important moving average needs to attract support at the June 27 low of $0.073, or VET is at risk of a deeper correction, potentially to the June 22 low of $0.059. The retracement would point to a more complex bottoming process or signal that the rebound was just due to an oversold condition on the daily Relative Strength Index (RSI).

VeChain price has the price structure to reach bullish outcomes if it can overcome the suffocating resistance of the Anchored VWAP and the 200-day SMA. Still, the contraction in price should amplify the price energy to make a breakthrough.

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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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VeChain (VET) Stake Holders Have Spoken Mainnet Upgrade by End of October

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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.

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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.

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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.

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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.

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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.

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Top Crypto Analyst Unveils Massive Polkadot Prediction, Issues Cardano, Solana and VeChain Price Alert

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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.

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“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.

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“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.

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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.

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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.”

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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].”

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