For almost three months, the Vechain price has traded in tandem with the cryptocurrency industry, which has mostly shown weakness in the markets. Vechain has also traded within a narrow price range of between $0.020 and 0.029 since mid-August to date.
However, in the past three weeks, the Vechain price has started to show signs of starting a new bullish push and has surged by over 20 per cent during that period. It has also surged by 8 per cent this month and has extended the strong push we saw late last month that resulted in the Vechain closing October with a 4 per cent gain.
As seen above, VeChain has started to look more bullish than how it has traded in the past three months. Part of the reason for this is due to its long-awaited network upgrade, which is expected to happen on Thursday, the 17, beginning at 8.10 GMT.
The upgrade is expected to be the platform’s largest network upgrade and will see Vechain migrate to proof-of-authority (PoA) 2.0. The upgrade will see additional features such as a passive block finality confirmation process and a committed-based block-producing process integrated into Vechain’s Network.
Looking at the chart below, we can see that the Vechain price has been going up for the past three weeks. The chart also shows prices breaking above the $0.024 price level on November 4 but failing to move strongly towards the $0.030 psychological level. Instead, the prices have traded in a sideways trend since then despite being in a long-term bullish trend.
Therefore, based on recent price action and the upcoming Vechain upgrade, I expect the prices to continue with the bullish trend. I expect the Vechain price to finally hit and trade above the $0.030 price level and possibly break the $0.035 resistance level. However, a drop below the $0.0230 price level will invalidate my bullish analysis.
This post was last modified on %s = human-readable time difference 13:20