VeChain Price Prediction: VET Could be Close to a Breakout

Summary:

In this VeChain price prediction, we explain why VET is close to a breakout because of its triangle pattern

The VeChain price is in a holding pattern as all cryptocurrencies consolidate. The VET price is trading at $0.1227, which is 86% above the lowest level in May. It has a market capitalization of more than $7 billion and is the 20th biggest cryptocurrency in the world.

VeChain news: For beginners, VeChain is one of the leading blockchain networks in the world. The network differs from other projects for several reasons. For one, it uses a blockchain-as-a-service model that helps companies like DHL, Shanghai Gas, and BMW.

The blockchain is mostly used in supply chain logistics management and is one of the founders of The Belt and Road Initiative Blockchain Alliance. This makes it one of the only projects allowed in the country. Further, the developers hold 38 blockchain patents.

Still, the VeChain price was not immune during the recent crypto sell-off as it dropped to $0.0665, which was 76% below its highest level on record. So, what next for the VET prices?

VeChain Price Prediction

The four-hour chart shows that the VeChain price has been in a tight range in the past few weeks. The currency has formed a symmetrical triangle pattern. It is also above the 23.6% Fibonacci retracement level and above the 25-day and 50-day exponential moving averages.

Therefore, with the triangle pattern close to its confluence zone, there is a possibility that the price will have a breakout. At this stage, it is relatively difficult to predict the breakout direction. However, since the triangle formed after a sharp decline, there is a possibility that it will break out lower.