Vechain holds ground as it increased by 11% over the week and moved sideways in the daily charts while other cryptocurrencies drowned in the red so let’s see more in our latest Vechain vET news.
VET had an impressive monthly gain of 140% trending opposite to the general market sentiment. The trader VeChain Justin shared a chart on Twitter showing that VET is now in a bullish trajectory. According to the trader, VET formed an Inverse Head and Shoulders pattern which is usually an indication of a bearish to bullish reversal. This pattern was invalidated later but then formed an ascending triangle pattern and said:
“On Step 5 (shown in the chart), need bounce from support to breakout and continue trend. #VeChain trading tightening. This is exciting.”
$VET Price action update. Inverse H&S pattern yesterday clearly invalidated but something greater formed. Very bullish Ascending Triangle. On Step 5, need bounce from support to breakout and continue trend. #VeChain trading tightening. This is exciting. 🚀
Not financial advice. pic.twitter.com/bp13oLiikj
— VeChain Justin Ⓥ (@VeChainJustin) April 21, 2021
On the ascending triangle pattern, we can see a possible break out of the price action. With the resistance settled at $0.27, new support across the low and mid-range between $0.20 can be seen. The trader added that this is quite the conservative scenario with a lower trendline sitting on the 60-day moving average and taking about 2 days to complete longer than needed. The trader noted that anything under 0.2300 seems to be a great opportunity considering the strength that VeChain has now.
Vechain holds ground with the price action being supported by 5 factors as one researcher noted. The high number of corporate partnerships from entities like DNV GL, Groupe Renault, and PwC and their desire to create their own solutions on top of VeChain Thor, is a major boost for Vechain.
In addition, the platform is gaining popularity in China even more. The national government in the country is more open to supporting VET according to the reports from the TV channel Shanghai Media Group as there’s growing interest in the blockchain technology and applications built on Vechain Thor.
Furthermore, pseudonymous trader ProfessorSD claimed that Vet’s price at $1 is an easy target for the coin and added three potential bullish factors like a Coinbase listing, new partnerships, and the launch of the Vaccine passport. on the other hand, analyst Justin Bennet said that it is quite possible for VET to revisit a higher range and retest lower levels if things get ugly:
“The alternative is that VET closes today above 20 cents, everything rallies tomorrow, and we all live happily ever after. I’m throwing this short-term bearish scenario out there so you’re prepared just in case.”
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