The cryptocurrency market experienced a healthy pullback in the middle of the week, with Bitcoin recovering to settle above $58,000 and Ethereum rising from $3,400 to over $3,600 at the time of writing. Polkadot Price is up roughly 20% and currently trades at $42. Similarly, VeChain has gained 10% and is now trading at $0.12 per token. In the rush to end the week on a high note, most crypto assets are in the green.
VET Price is on the cusp of a massive breakout at this point, following the token’s support at $0.1 earlier this week. The buyer congestion zone was bolstered by the presence of a 100-day SMA.
VeChain has risen to $0.12 at the time of writing. Buyers are concentrating their efforts on gaining more territory, with $0.15 insight. The immediate upside is capped by the 200-day SMA, which must fall in order for bulls to reach their short-term objectives.
The uptrend appears to be in good health now that the MACD’s 12-day EMA has crossed above the 26-day EMA, indicating a buy signal. Buyers have the upper hand, according to the RSI.
Users on crypto Twitter have pointed out that the VET price chart has been forming a huge cup and handle. This is expected to bring a massive breakout for the token.
VET Price to spike up 2600%!
The widely following expert Justin Bennett warns his Twitter followers that VeChain (VET), a decentralized supply chain management network, may see $1.60 if one condition is met.
VET should be able to pull off a 1335 percent rise in the next two months, according to Bennett, if Bitcoin (BTC) can achieve fresh highs above $65,000. If the crypto markets see an extended market cycle that lasts well into next year, the analyst believes VET might rise as high as $3.00, or a 2627 percent increase from current levels.
Bennett expects immediate resistance tests at $0.13 and $0.14 in the near term. The all-time high for Vechain is $0.28, which is still a 150 percent drop. VET is trading at $0.12 at the time of writing, up roughly 10% on the day, according to CoinGecko.
“$VET looks even better now.”
Bennett noted last month that VeChain and Cardano (ADA), a decentralized blockchain platform, were linked and had comparable price movements a few weeks later each time.