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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Why VeChain (VET) Could Be On The Verge Of A 40% Rally

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

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VeChain has been moving sideways during the past week, with more downside action than larger cryptocurrencies. While Bitcoin, Ethereum, and others have seen some gains, the price of VET continues to trend downwards.

Related Reading | VeChain Records 7% Profits And It Could Outperform ETH, Here’s Why

As of press time, VeChain trades at $0.048 with an 8.9% and 34% loss during the past two weeks and 30-days, respectively. However, the cryptocurrency could be sitting at crucial levels and poised for major price appreciation.

VeChain VET VETUSDT
VET trends to the downside on the daily chart. Source: VETUSDT Tradingview

Analyst Justin Bennett claims this upcoming VET’s price rally could push the cryptocurrency up 40% off its current levels.

On the weekly chart, the analyst identified a setup from back in 2020. At that time, VET’s price was preparing for what ended up as one of its biggest rallies in subsequent months, according to Bennet.

The analyst recommended his audience to “take everything with a grain of salt”. In that sense, he showed the price of VET moving sideways in an inverse “head and shoulders” pattern.

As seen below, when VeChain managed to break above that trend line, its price was able to resume bullish momentum into uncharted territory. At the time, VET’s price recorded over 1,000% gains through 2021.

VeChain VET VETUSDT price 1
Source: Justin Bennett via YouTube

Trending downside from that rally, as the chart shows, VET’s price has returned to below its 2018 trendline, to levels last seen before the previously mentioned rally. Bennett said:

In order for VET to move significantly higher this year, I’m talking $0.10 and higher, it is going to have to get above this trendline. So, this is what I mean by this trendline it’s going to be significant in terms of the overall context of the market.

VeChain, Bennet added, already attempt to get back above this trendline, but failed near the $0.070 price mark. Until VET’s price can return to those levels, the cryptocurrency is on a downtrend.

Can VeChain Break Above This Critical Level?

Bennet clarified that VET’s price could see some relief in the short term. The cryptocurrency could be poised for a 40% move back to its previous resistance levels at $0.070.

In order to achieve that bullish move, in lower timeframes, VeChain will need to break above the area around $0.050. As seen below, on the daily chart, VET’s price needs to see a daily close above this resistance price point. Bennett said:

The market is kinda getting into a point where it’s gonna have to make a decision (…). The set up I’m looking for for VET is going to be a daily close above the $0.050 area (…). Then we are looking at a potential move up to that $0.070 area (…). From $0.050 to $0.070 it may not sound like a lot, but that is a 40% rally. In my opinion, it’s worth the wait.

VeChain VET VETUSDT price 2
Source: Justin Bennett via YouTube

Data from Material Indicators shows VET’s price currently sits at $500,000 in bids orders. These orders could operate as support as VeChain moves into the critical resistance area around $0.050.

Related Reading | Polkadot, Vechain Founders Pledge Over $10 Million In Crypto To Ukraine

If VET’s price breaks above those levels, the next resistance levels stand at $0.050 which records less than $200,000 in asks orders.

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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
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