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Vechain Is on the Brink of a Breakout! VET Price to 20x Soon?


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.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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