The VeChain price is trading at its highest level since May, which could signal the start of a parabolic push towards the all-time high. VeChain (VET) is trading at $0.1736 (+11.50%), a seven-day increase of 40%, increasing the year-to-date return to 880%. VeChain’s market cap has increased to $11.2 billion, ranking VET the 22nd-most valuable cryptocurrency behind Algorand (ALGO).
VeChain is responding to the recent resurgence of the cryptocurrency market. Bitcoin (BTC), Ethereum (ETH), and several altcoins have reached new record prices this morning. As a result, the combined value of the crypto market has touched $3 trillion for the first time. However, the VET token is still trading at a 38% discount from the April $0.2823 high, which could attract capital looking for bargains.
The daily chart shows the VeChain price has broken out of its up-trend and cleared the horizontal resistance at $0.1570. I consider the breakout an extremely bullish development and expect it to continue in the immediate future, although the Relative Strength Index is last at 71.77 and creeping into overbought territory.
However, previous rallies this year had lifted the RSI as high as 87 before they topped out. On that basis, I don’t feel the RSI is predicting an imminent reversal. Subsequently, I’m bullish on VeChain, targeting the $0.2300-$0.2500 range, as long as the price holds above $0.1570.
A reversal below $0.1570 suggests a breakdown and invalidates the bullish call.
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This post was last modified on Nov 09, 2021, 09:39 GMT 09:39