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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

VeChain Holds Its Ground Against The Bears, Can It Reach $1?

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
VeChain VET VETUSDT

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VeChain (VET) has been moving sideways in the daily chart while major cryptocurrencies bleed out in the lower and higher timeframes. In the weekly and monthly chart, VET has an impressive 11.4% and 140% respectively trending opposite to the general market sentiment.

VeChain VET VETUSDT
VET moving sideways in the daily chart. Source: VETUSDT Tradingview

Anonymous trader VeChain Justin shared the chart below via Twitter to show VET is on a bullish trajectory. According to the trader, VET formed an Inverse head and shoulders (H&S) pattern on lower timeframes. Usually an indication of a bearish-to-bullish reversal, this pattern was invalidated but later form an ascending triangle pattern. The trader said the following:

On Step 5 (shown in the chart), need bounce from support to breakout and continue trend. #VeChain trading tightening. This is exciting.

VeChain VET VETUSDT
Source: VeChain Justin

An ascending triangle pattern points to a likely break out in the price action. With resistance at $0.27 and support across the low and mid-range of $0.20. On this price structure the Fibonacci extension point to a target of $0.34. The trader added:

a conservative scenario with lower trendline sitting on the 60 day moving average @ 0.2280 and taking 1-2 days longer to complete. Using wicks and MA here. Anything under 0.2300 seems to be a great buy considering the strength of VeChain.

What Behind VeChain’s Pump?

VET’s strong price action could be supported by 5 main facts as pseudonym researcher “ProfessorSD” said. The high number of corporate partnerships from entities like PriceWaterhouseCoopers (PwC), Groupe Renault, DNV GL, and others, seeking to adopt, implement or create their own solutions and products on top of blockchain VeChainThor.

In addition, the rise of the platform in China. The national government in this country seems to be more open about its support for VET. As evidence by a recent report from the China-backed TV channel Shanghai Media Group (SMG), there is growing interest in blockchain technology and its application on VeChainThor and other networks.

ProfessorSD claims VET’s price to $1 and $3.5 is an “easy target” and added three mote potential bullish factors: a potential listing on Coinbase, 3 partners (BYD, BMW, and Bayer) coming live on this platform, and the emission of a “Vaccine Passport” with Cyprus for European countries.

On an alternative scenario, analyst Justin Bennet said is possible for VET to revisit the higher range of $0.10 and even retest much lower levels if “things get really ugly”. Bennet added:

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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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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