VeChain (VET) has moved sideways on the daily chart as major cryptocurrencies are bleeding out in the lower and higher time frames. On the weekly and monthly charts, VET shows an impressive trend of 11.4% and 140% respectively, which is contrary to the general market sentiment.
Anonymous trader VeChain Justin shared the following table on Twitter to show that vocational training is on a bullish path. According to the dealer, the vocational training formed an inverse head-and-shoulders pattern (H&S) in shorter periods of time. Usually an indication of a bearish to bullish reversal, this pattern was invalidated but later formed an ascending triangle pattern. The dealer said the following:
In step 5 (shown in the graph) you need to jump from support to breakout and continue the trend. #VeChain trade is tightening. This is exciting.
An ascending triangle pattern indicates a likely breakout in price action. With resistance at $ 0.27 and low and mid-range support at $ 0.20. With this pricing structure, the Fibonacci expansion points to a target of $ 0.34. The dealer added:
A conservative scenario with a lower trendline that is on the 60-day moving average at 0.2280 and lasts 1-2 days longer. Use wicks and MA here. Anything below 0.2300 seems like a good buy given VeChain’s strength.
What is the VeChain pump?
The strong price movement in VET could be supported by five main facts, as the pseudonym researcher “ProfessorSD” said. The high number of corporate partnerships of companies like PriceWaterhouseCoopers (PwC), Groupe Renault, DNV GL and others who are trying to adopt, implement or create their own solutions and products via Blockchain VeChainThor.
Added to this is the rise of the platform in China. The national government in this country seems more open to support vocational training. As a recent report by the China-backed Shanghai Media Group (SMG) shows, interest in blockchain technology and its application in VeChainThor and other networks is growing.
ProfessorSD claims the price of VET at $ 1 and $ 3.5 is an “easy target” and added three other potential bullish factors: a potential listing on Coinbase, three partners (BYD, BMW and Bayer) that are on that platform go live, and issue a vaccination certificate “with Cyprus for European countries.
In an alternate scenario, analyst Justin Bennet said it was possible for VET to reconsider the higher range of $ 0.10 and retest even much lower levels if “things get really ugly.” Bennet added:
The alternative is that vocational training closes over 20 cents today, everything recovers tomorrow and we all live happily. I’m throwing this short-term bearish scenario out there so that you are prepared for any eventuality.