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Friday, April 16, 2021

Why VeChain (VET) will hit $3 mark sooner than expected

VeChain (VET) Overview

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VeChain, with a market capitalization of $1.75 billion, is ranked the 27th largest cryptocurrency in the market. VeChain (VET) has shown phenomenal growth and has managed to steal the limelight with its performance. In the bull-run during the beginning of the year, the coin started portraying signs of upward pressures on the price and jumped up a few times and just when analysts lowered their expectation, VeChain had its break. VeChain topped at $0.058 on 20th of February and pleasantly shocked VET holders. After establishing the new all-time high, the coin went into corrections but reversed its trajectory almost instantly. VET, once again, appears to be heading towards corrections and possibly, subsequent, pushing of resistance levels.

Daily technical analysis

In the daily timeframe, the price of the cryptocurrency appears to be on a fluctuating downward trajectory. The coin established its 24-hour high right during the beginning at $0.055 but quickly went down to the 24-hour low of $0.045. At the time of writing, VeChain was trading hands $0.047 apiece.

The market sentiment for the coin appears to be bullish with majority of the technical indicators giving out a signal of buy. Of the total indicators, most of the oscillators stand at neutral position while the Moving Averages are giving an indication of strong buy.

What to expect from VET?

A trader has identified the cryptocurrency in a steep ascending channel formation. Per the trader, the cryptocurrency is set to continue the upward trajectory as the bulls picked up for the coin. A coherent wave count has also been pointed out by the trader in the price action of the cryptocurrency. VET has completed the first and second wave and is underway the development of the third wave. A break out to the upside from the channel is expected where VET can achieve the third wave target of $0.07. The target also lies parallel to the Fibonacci level of 1.618.

However, corrections will soon undertake and VET can find support at the lower boundary of the channel formation. A final upside breakout can result in a price level of $3.87.

What is VeChain?

VeChain – the company – was established in 2015 to provide block chain-based solutions for businesses, both large and small. The public block chain of the company is known as VeChainThor with VeChain (VET) as the native cryptocurrency and VTHO as the token used for transaction fees.

The company is based in Singapore and has strong connection with Chinese government. VeChain provides a Business-as-a-service (BaaS) product and also supports smart contracts. The ties of the organization with China is what sets it apart. China – with the largest population – is a crucial cryptocurrency market; however, with tight regulations entry in the market of cryptocurrencies is very hard.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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