VeChain is on the Verge of a Breakout. Do we expect a 20x soon?

Source:Newsbtc com

Many crypto assets are in the green zone in a rush to end the week on a great scale. VeChain recently increased over 10% and is now trading at $0.115861 per token. This, though is a 5.5% drop in the last 24 hours. 

The cryptocurrency market has been experiencing a strong pullback in the middle of the week. Bitcoin has been gaining momentum to reach its all-time high and is now settling at $59,400. Ethereum has also risen from $3,400 to about  $3,788 at the time of writing. 

VeChain Technical Analysis(Bulls or Bears)

VET Price is on the verge of a huge breakout at this point, following the token’s support at $0.1 earlier in the week.

The buyers are busy building a congestion region, as shown clearly by the strong support given by the presence of a 200-day EMA below on the chart.

Buyers are now redirecting all their energies on winning more ground, with a focus at $0.20. The  VET market broke on the upside above the 200-day EMA. However, the market will be testing the 200 EMA again before the bulls can take over complete charge.

The bullish trend seems to be excellently taking shape now that the MACD’s 09-week EMA is crossing above the 26-week EMA, showing a strong bullish signal. It looks like the bulls are already winning.

According to the views of some crypto users on Twitter, the VeChain price chart is continuously forming a huge cup and handle. This is indicative of a massive breakout for the token that is expected to follow soon.

VET, 2600% Gain, is a Probability.

 Justin Bennett, a crypto expert, has prepared his Twitter fans that VeChain (VET) for a $1.60  prediction on one condition.

According to Bennett, VET can pull off a 1335% gain in the next two months if BTC gains new grounds above its all-time high of $64,000.

However, If the crypto industry sees a prolonged market period, the analyst believes that VET might pull off a $3 high, a 2627% increase from the current price.

A resistance test, however, might be created between $0.13 and $0.14. CoinGecko’s current price level at $0.12 is a 150% drop from VeChain’s all-time at $0.28, which is approximately 10% on the day.

Cardano (ADA) and VeChain were connected last month, holding similar price changes a few weeks later each time.

Price Forecast For VET

According to Wallet Investor, VeChain price prediction might be trading at 0.3 US dollars in the next year. Their VeChain forecast is very bullish and optimistic.

Trading Beasts have also given their forecast showing a vague technical analysis of the current price of VET. According to them, VET price might reach 0.25 to 0.30 US dollars, a wide range.

According to these forecasts and our technical analysis, we foresee the price of vet heading towards 0.3 at the starting of the year 2022.