According to a Vechain analyst twitter poll, VET is on the verge of a parabolic rally, after the poll on Twitter showed that users voted in favor of VET being the most undervalued crypto on the market. In today’s Vechain news, however, we find out more about the price analysis.
More than 140,000 users participated in the Twitter poll and 65.8% of the votes in favor said that VET is undervalued. The analyst called “VeChain Justin” added the poll results as a bullish case of the cryptocurrency. the community is now still voting to modify or to maintain the transaction fees on the blockchain Vechain Thor.
The analyst believes that the results of the vote will favor fee reduction, cost optimization for corporations that operate on the blockchain and also there will be an increase in VET adoption in 2021:
“I am extremely bullish on VeChain. More than ever before because of the vote to reduce base gas price. Understand or get left behind. Because the bulls are repeating on deaf ears. All paths point to mass adoption. We moon in 2021. 100%. Zero doubt.”
Vechain Foundation recently made an update on the voting process that will conclude in a few days while more than 800 nodes have voted on the VeVote platform. With 525 votes, the majority is favoring a reduction of fees to 1% of the current price. VET is now trading at $0.09 with 3.9% gains on a weekly note. Over the past week, VET’s price saw a 15% increase and an impressive 112% on the monthly chart. Over the year, the cryptocurrency increased 2800% but Vechain Justin stated that the intraday chart created a bull flag formation:
“Price action on the cusp of breaking and going parabolic. Circled area of importance (…). Looking for a bounce on line or flag breakout to go parabolic. 2.618 Fib @ 24 cents. Bless us crypto gods.”
Comparing VET to ADA, the trader believes that they are too similar to ignore. A year ago, ADA was trading below $0.10 and since then rallied by 3804%:
“The resemblance to ADA chart is too close to ignore. Imagine it follows through and we do go parabolic. Extrapolated measurements show a price target of $0.77 around first week of July! Can you imagine? #VeFam deserves it. Please make them all rich.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]