The 1.51% drop on the VET/USDT pair on Friday was quickly followed by a similar price move to the upside on Saturday. Thus, the VeChain price prediction outlook continues to look hopeful, even as the price is now testing the upper boundary of the falling wedge on the daily chart.
These price moves have been in keeping with the general trend of the crypto market, where Bitcoin and other major altcoins continue to trade in a range-bound mode as the markets wait on the Fed and further evolution of the Russia-Ukraine war.
The project is also about to hit a new major milestone on 14 March: the launch of the VeUSD stablecoin. To mint VeUSD, users must sign up and perform KYC at the Stably.io webpage created for this purpose. The stablecoin will also be rolled out on several exchanges after launch. A $500,000 airdrop for X-nodes and $50,000 in minting bonuses are just two of several giveaways planned for this event.
The daily candles now challenge the falling wedge’s upper border at the 0.05043 resistance level (previous lows of 25 January – 3 February 2022). A break of this resistance also clears the upper boundary of the pattern, which completes its formation. This scenario opens the door for the bulls to aim for sequential targets at 0.05996 and 0.07588. This comes within the context of a push for a measured move towards 0.08699.
On the flip side, rejection at 0.05043 allows for a pullback that targets 0.03921 support (24 February low) before reaching towards 0.02578 on additional price deterioration. The 11 January 2021 low at 0.02004 is another target to the south that only becomes viable if the bulls cannot defend 0.02578. Attainment of the latter invalidates the pattern as well.
Follow Eno on Twitter.
This post was last modified on Mar 12, 2022, 22:54 GMT 22:54