VET Breakout Is Imminent As Thor’s Technology Proves Itself Once Again

A VET Breakout is imminent in the upcoming weeks as the Thor technology proves itself once again to be able to solve real-world problems which will be the reason for the new higher highs for VET so let’s find out more in the upcoming Vechain VET news.

Vechain increased by 214% since the start of the year and it now seems to be prepared for another upswing on the upside. VET’s price seems to be forming a descending triangle with a 34% upside target. The spike in the buying pressure behind the token could start a new rally to a new yearly high of $0.022. After the impressive rally, Vechain took a breather but different metrics say that a VET Breakout is imminent.

Vechain had a great year so far despite the chaos constructed by the ongoing pandemic. The Vechain Thor technology got tested in a wide range of industries eventually providing solutions to real-world problems. Even Bayer as one of the biggest pharma companies on the planet announced to be implementing a VET traceability solution to make a supply chain management solution that will be more practical and cost-effective. The VeChain foundation made the adoption of its technology an attractive notice as investors are giving VET their vote of confidence which is why the supply chain management token increased by 214% since the start of the year.

VET’s price action seems to be forming a descending triangle in the previous weeks as horizontal trendlines are forming along with the swing lows while the descending trendline is forming between the swing highs. By measuring the distance between the highest points of the technical formation, we can anticipate a 34% upside target.

The TD sequential indicator suggested that Vechain’s price will remain contained in the triangle for an extended period before it manages to break out. The technical index presented a selling signal in the form of a green nine candlestick on the 4-hour charts. The bearish formation can lead to a one to four candlestick correction from the start of the new downward countdown. It’s also worth mentioning that the past few weeks the TD indicator presented a sell signal around the hypotenuse of the triangle and if history repeats itself, the VET price could drop to $0.0155 and then rebound to overhead resistance, preparing to breakout.