VeChain (VET) has broken the pivotal point and pushed towards creating new all-time highs as an influx of VET buyers came into the market. While the cryptocurrency was in price discovery mode for some time, it fell just below its ATH level and struggles to break above it again.
Fundamental analysis: VeChain – today’s top beneficiary of the altcoin season
VeChain (VET) is a blockchain-powered supply chain platform that got created in 2015 and launched in mid-2016. VeChain’s goal is to use distributed governance and Internet of Things technology to create an ecosystem that solves some of the problems in the supply chain management sector. The idea is to boost its efficiency, traceability, as well as transparency, all while reducing costs and giving more control to individual users. VeChain is created and co-founded by Sunny Lu, an IT executive that formerly worked as CIO of Louis Vuitton China.
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VeChain’s outlook is extremely bullish, especially after entering price discovery territory today. While the cryptocurrency did introduce a couple of updates to its protocol in the past week, its upside trajectory is mostly caused by the up-and-coming altcoin season. Looking at its weekly performance, VET has posted gains 16.64%, outperforming BTC’s loss of 1.59%, but falling short of ETH’s 21.14% gains.
At the time of writing, VeChain is trading for $0.0331, representing a 65.49% month-over-month gain. VeChain is currently the 20th largest cryptocurrency by market cap, with the current value sitting at $2.14 billion.
VET/USD technical analysis: new all-time highs on the horizon?
VeChain was one of the biggest beneficiaries of the altcoin season today, as it somehow managed to push towards and create new all-time highs despite the market moving either sideways or dipping slightly. This move is a result of VET moving up and constantly touching the 21-day moving average to find support. The cryptocurrency made a strong push towards the upside today as volume increased, creating a new all-time high level of $0.0342.
VeChain has found strong support in its 21-day EMA as well as its 50-day EMA. On the other hand, its upside is fairly unknown as the levels above $0.0342 are unknown. Still, we may draw some possible price levels with Fib retracements.
VeChain’s daily RSI has been hovering around the overbought territory for some time, but the latest push towards the upside pushed it more towards being overbought. Its current value is sitting at 67.22.
If we zoom in to VeChain’s hourly overview, we can see how important the 21-hour and 50-hour EMAs are for this cryptocurrency throughout time. An important thing to note is a sudden break from the decreasing volume pattern, which is a good indicator of a possible move. If the volume continues being high, we may expect VeChain bulls to push its price to new all-time highs.