VeChain Jumps By 4% As VET Investors Look To Profit Before Christmas

Christian Encila

2 years ago

3 mins read

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VeChain has seen a price pump of 4% or currently trading at $0.0161 in the last 24 hours, triggered by the increase in VET demand, data from Coingecko shows.

With this scenario, if the buying pressure persists, VET could sprint towards its resistance level and supply zone at the 100% Fibonacci level found at $0.01967.

VeChain investors could profit at $0.01778
A breach slicing below the $0.0156 mark can further invalidate the bullish streak of VET
VET showing price recovery at $0.01583

VeChain has recently launched its upgrade PoA 2.0 and its Relative Strength Index (RSI) has shown an intense uptick after its breakaway from the oversold zone. This goes to show how the buying pressure has magnified over time.

Chart: TradingView

VeChain: On Fraud And High Gas Fees

According to Analytics Insight, “VeChain (VET) was first conceived of by Sunny Lu, the former CTO of Louis Vuitton, someone who knows first-hand about the problems involved in tracking and proving genuine vs counterfeit goods.”

As such, VeChain is known to be a first-of-its-kind layer 1 blockchain that aims to bring to the table innovative solutions to ultimately solve real-world problems such as the high transaction fees and counterfeiting which is deemed to be extremely beneficial for enabling friction-less transaction and also for the hassle-free minting of NFTs.

VET’s On-Balance Volume (OBV) has also recorded an uptick which demonstrates the spike in trading volume and buying pressure.

In the event that this trend lingers on, VeChain could eventually reach its profit target at $0.01968. Investors are optimistic to take in profits just before Christmas.

VET total market cap at $1.18 billion on the daily chart | Chart: TradingView.com

Risk-Averse Investors To Rake In Profit?

But, this won’t be a walk in the park for VeChain considering that the bulls will have to barrel past resistance barriers along the way. In this case, risk-averse investors will resort to lock in their profit at the $0.01776 resistance zone.

This means a breach below $0.01564 would invalidate any bullish streak and could toss VeChain back into the new support zone found at $0.01470.

VET has also seemed to have noted a remarkable rise in development activity since middle of this month. This goes to show that developers have their full trust on VeChain’s future innovations.

Although the price of VET has fluctuated in response to changes in development activity in the past, the most recent increase does not represent this trend because the price fell as development activity grew.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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