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VeChain Analysis: VET to Climb 15% Amid Market Optimism?

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VeChain brought the sell-off that has been suppressing its price since mid-August to an end on Sept 13, soaring 16% above the $0.0165 support level. However, supplier congestion at the $0.0170 psychological level rejected the price, turning it down 3% to the current value of $0.0162. This price action has formed a bullish flag pattern that positions the VET price for a 16% breakout to $0.01889.

At the time of writing, VeChain was trading at $0.0162, up 7% on the day. The token’s market capitalization had also increased by 6% to $1.17 billion over the same timeframe, with the 24-hour trading volume soaring to $102,105,547, according to data from CoinMarketCap. This is evidence of increased trading activity and positive market sentiments around the Layer smart contracts token. 

This upsurge can be attributed to the recent announcement by VeChain and the listing announcement by Coinbase.

The San Francisco-based crypto exchange announced support for VeChain (VET) and VeThor (VTHO) on the VeChain network, with trading scheduled to go live on Sept 13, 2023, at 9:30 AM PT. 

In addition to this, VeChain has ventured into smart city systems to help the digital world deploy these systems safely and efficiently. With this move, VeChain will play a crucial role where its systems will be integrated into critical city living components, including water and waste management, among others. The blockchain project is already securing an early lead in the budding $2 trillion industry. 

Meanwhile, VeChain and digital research firm Reflexivity Research have teamed up to “conduct bi-monthly research to cover upgrades, developments, and network activity within the VeChain ecosystem.” This aims to keep its users informed on the blockchain’s “sustainability, enterprise and developer work.”

These recent developments underscore VeChain’s efforts to align with trends and global agendas. The announcements triggered a bullish reaction among VET holders.

VeChain Bulls Could Exploit Bullish Flag to $0.0188

Following a sharp drop from the barrier at $0,0158, the VET price turned up rapidly, completing a V-shaped recovery chart pattern by returning to the said level. The VeChain price rose above this to set a swing high at $0.0168 before returning to the current levels.

The steep rise in price and the sudden correction have led to the formation of a bullish flag technical chart pattern on the four-hour chart (see below). This technical formation is positive and points to the continuation of the uptrend. 

The VET price action consolidates within the two parallel trend lines, forming the flag in the opposite direction of the uptrend. This is before breaking out and continuing the uptrend.

The price traded at the same level as the upper boundary of the flag. A four-hour candlestick close above this level will confirm the technical formation, marking the continuation of the uptrend. 

The first resistance for bulls to overcome would be the $0.0168 swing high and the psychological levels at $0.0170 and $0.0180. Shattering these roadblocks would see the VeChain price rise to reach the technical target of the prevailing chart pattern at $0.0188. This would represent a 16% uptick from the current price.

VET/USD Four-Hour Chart

VeChain Price Chart - Sep 13
TradingView Chart: VET/USD

Several technical indicators supported this positive outlook for VeChain. First, the Relative Strength Index (RSI) was in the positive region. The price strength at 64 suggested that the buyers controlled the VET price.

In addition, the Moving Average Convergence Divergence (MACD) indicator had just crossed the neutral line into the positive region. This suggested more buyers entered the market after buying more VeChain tokens on the dip.

Moreover, the VET price was sitting on formidable support downward. The 50-four-hour Simple Moving Average (SMA) at $0.0155, the 100 SMA at $0.0156, and the 200 SMA at $0.0167 were ideal breathing rooms where bulls could replenish and return to the market stronger.

On the downside, if investors give in to their selling appetite, the VET price could drop below the 200 SMA and later below the flag’s lower boundary to extend the correction. 

This could send the price toward the first below the 100 and 50 SMAs and later to the  $0.0145 swing low, where buyers could buy more in the dip and initiate another recovery.

VET Alternatives

wall street memes

VeChain is not the only token with the potential to offer good returns on investment. Others include Wall Street Memes (WSM), a new cryptocurrency in a presale that has thrived this summer. 

Inspired by Reddit’s legendary amateur investor groups, the WallStreetBets, the project has gained popularity and has grown over its presale period. This popularity allowed it to raise over $25 million, and even now, its token is still available for purchase for only $0.0337 per token.

The presale is in its final stage, which will remain until listing, which is scheduled to happen in 15 days. Anyone interested in buying the token can do so with ETH, USDT, BNB, or credit/debit card.

Visit Wall Street Memes (WSM) here to buy your tokens before time runs out.

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