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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

VET Breaks Major Trend Line, Why VeChain Could See Massive Explosion

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

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VeChain (VET) is on the move with a 10.3% and 51.4% profit in the daily and monthly charts, respectively. As of press time, the cryptocurrency trades at $0,13 and could further gain due to recent developments.

VeChain VET VETUSDT
VET moves sideways in the daily chart as the crypto market trends to the downside. Source: VETUSDT Tradingview

After recording a potential bottom on October 20th, VET experienced a breakout to the upside, as analyst Justin Bennett claimed.

Related Reading | VeChain Foundation Announces Vote To Implement Upgrade, Bullish For VET?

With the Bitcoin season inaugurated, the first crypto by market cap has been taking liquidity from the altcoin market. In that sense, VeChain could have found a bottom in its VET/BTC trading pair with critical support at 0.123, as Bennett explained. At the time, Bennet said:

VET breakout is coming. Many complain about the lack of movement. What they fail to see is that this is all just consolidation. The longer the coil, the bigger the breakout. 187 days of consolidation and counting.

VeChain VET VETUSDT
Source: Justin Bennett via Twitter

Yesterday, VeChain (VET) started a breakout run, the analyst said. This could put the cryptocurrency on a bullish trend but could face some obstacles if Bitcoin underperforms during the weekend.

VeChain VET VETUSDT
Source: Justin Bennett via Twitter

The Worst-Case Scenario, Still A Win For VeChain (VET)?

VeChain has consolidated major partnerships around the world especially in Asia. The platform seems to be part of China’s national blockchain plan, as suggested by its appearance on state-backed media.

Related Reading | How This VeChain Tool Will Aid Enterprises To Reduce Carbon Emissions

As noted by the VeChain Foundation, they were awarded a certificate from the China Association for Standardization, an institution operating under the State Council. The award was granted to the company due to their “major contributions to the T/CAS 493-2021 Standard for household electrical equipment”.

This goes to show the deep tights that the VeChain Foundation seems to have with the Chinese government and its potential to gain more relevance over the next years.

#VeChain received a certificate from the China Association for Standardization, a body under the State Council, for our major contributions to the T/CAS 493-2021 Standard for household electrical equipment.

Our #blockchain tech is becoming the industry standard. $VET $VTHO pic.twitter.com/GnEccflQon

— vechain (@vechainofficial) October 22, 2021

Bennett noted the importance of VeChain’s expansion in the business world with collaboration with U.S.-based giant Walmart and recently DHL to enter the Non-Fungible Token (NFT) market. The analyst said on VET’s potential to run hotter than Ethereum:

VETETH supports the idea that #VET will end this cycle with another period of outperformance beginning in the next few weeks.

Related Reading | This VeChain Partnership Will Enable VET Holders To Buy On Ebay, Amazon And Others

In the coming months, the worst-case scenario for VET holders could still score them great profits as Bennett expects the cryptocurrency to take over its April trend line. During this period, VET could trade at $1 driven by the FOMO effect triggered by Bitcoin and Ethereum reaching a new all-time high.

Even if VETETH only moves back to its April high and $ETH is around $10,000, it puts VET just over $1. If this pattern plays out again and ETH is $10,000 at the time, VET is closer to $1.50.

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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

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