Vechain (VET) Primed For a Reliable Bullish Breakout

  • After bitcoin’s recent failed attempt above $11k, it recovered to around the $10800 mark
  • Vechain has joined the China Animal Health And Food Safety Alliance (CAFA) as a council member
  • Vechain (VET) Price has tested support successfully and is slowly taking off

Bitcoin, off late, has repeatedly raised to 11030, however, failed to sustain the mark. It had briefly witnessed the $12k mark in August, but then slid back soon and since then it has been a struggle to break the $11,000 barrier. After bitcoin’s recent failed attempt above $11k, it recovered to around the $10800 mark. The current price has risen again to around $10950 level. Following Bitcoin’s recent plunge below $10900, Ethereum mirrored the slide which landed all the major altcoins in a downtrend. But the recent price rise in bitcoin has raised the hopes of those in the crypto markets. Bitcoin saw its price rise by over 0.26% per cent in the past 24-hours and is now trading at $10,966.

Although Bitcoin bulls are strongly marching towards $11,000 again, at the time of writing, it was putting a lot of upward pressure on many of the market’s altcoins. Mid-cap assets like Vechain were attempting to move ahead with a stagnated price on the charts. VeChain is one of the most innovative companies in the blockchain and is known for focusing on winning partnerships and building real use-cases for blockchain. VeChain partnerships often lead to a rise in its price. In a recent blogpost by VeChain Foundation, it was revealed that VeChain has joined the China Animal Health And Food Safety Alliance (CAFA) as a council member. The reason announcement by VeChain is strongly backing the recent uptrend in VET on the charts.

Vechain VET Price Analysis

source: TradeView

VeChain (VET) recently brokeout, however, on the first breakout couldn’t hold support, so it had to retrace but managed to form a falling wedge and tested a resistance one more time and brokeout from it. 

source: TradeView

VeChain (VET) Price has tested support successfully and is slowly taking off.

source: TradeView

VeChain VET had a strong move and after retracing just broke out from falling wedge, RSI on a daily timeframe also shows a breakout from resistance.

source: TradeView

MACD just crossed and confirmed bullish momentum.

source: TradeView

The level of 0.014650-0.014730 should be tested after  a breakout, vechain has so much potential in the coming weeks and months. This will be the start of a  third wave which should take VET to 0.037610.

source: TradeView

The rsi on daily is 52 which still shows plenty of space for the next coming days. The only resistance that will be hard to break is the blue horizontal line that’s where VeChain could consolidate for a bit before a take off to the next level.

source: TradeView

On the weekly time frame, EMA 20 shows strong support. Next week it will be very clear to see vechain breaking out of this falling wedge.

source: TradeView

On the daily timeframe, EMA 200 acting as a support, VeChain is trading above 20 ema but 50 ema is still showing resistance.

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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