VeChain news has seen a trend in crypto-currencies, since the beginning of this year, VET has been on fire with the blockchain VeChain. VeChain (VET) is a cryptocurrency based on blockchain technology, focused on supply chain management. This platform is completely decentralized and offers anonymity. He claims to have “a complete governance structure, a strong economic model and advanced integration of IoT”. More names added to the VeChain partnership list, as the VeChain blockchain has many effective use cases in the supply chain sector and beyond. So far, the price of EFP has increased by more than 50% this year alone. Before the end of the year, the price of VET will always reach higher highs than the USD.
VeChain (VET/USD) is a market that has given us a clearly defined range. It all started on March 12, 2019, when VeChain breached resistance of $0.0053. This triggered the breakout which sparked a strong rally that sent VET/USD to as high as $0.008539 on the same day.
While the market immediately retreated and even fell below $ 0.0053 on March 13, the bulls quickly recovered support. They even managed to start another rally that allowed VeChain to earn $ 0.0082012. At this point, VeChain was already showing bullish depletion, which is why the current correction is not surprising. However, this drop gives us the opportunity to buy support close to the reach.
Technical analysis shows that VET / USD is on its way to reaching $ 0.0053. We have this view because VeChain has lost control of our mid-point range of $ 0.0069. Below this level, the next reliable support is the low range of 0.0053 USD.
The good news is that the 100-day moving average is creeping around this level. This will serve as additional support to help keep VET / USD above the low end. In addition, the bulls had to hit the resistance of $ 0.0053 three times before getting out on March 12th. Now that the market is over $ 0.0053, we can expect the bulls to defend it with all their might.
The strategy is to buy as much as possible at $ 0.0053. As long as the VET / USD ratio is above this level, it should reach our initial target of $ 0.0069. Take that off and the next target is $ 0.0085.
The process may take less than a month.
The daily chart of VeChain / US Dollar on Bitfinex
At the time of writing, the VeChain / US Dollar pair is trading at $ 0.006147 on Bitfinex. Summary of Strategy Buy: As close to $0.0053 as possible, Targets: $0.0069 and $0.0085 and Stop: $0.005.