VeChain Notches 10% Weekly Gains – Time For Investors To Bet On VET?
VeChain is now undergoing some promising developments, as would any
blockchain-based endeavor. The official VeChain Twitter account
stated that things became rough in October, but that the team is
happy with the progress made so far on the VeChain network.
Vechain.energy aims to connect the web2 and web3 communities.
Developers recently stated on Medium that the bridge “felt
complete, bumpy but complete” in the month of October. While the
most up-to-date information can be found in the blog post, a
snapshot connected to their Twitter tweet demonstrates the
project’s steady development. This is hopeful news for the project.
Related Reading: FLOW Diverted By Bearish Current Amid Relative
Inactivity – Here’s Why However, there is always a unique
cryptocurrency that is released alongside a new crypto project. The
value of VET, VeChain’s native currency, has increased dramatically
after the crypto market meltdown this year. There was a 10% weekly
gain, based on figures by CoinGecko, Wednesday. The only remaining
question is whether or not VET will maintain its upward trajectory.
October was an amazing month! Technically the most important brick
was laid with our #WebHooks that allows bi-directional #Blockchain
communication with every backend. But there was more … Here’s our
reflection on October:https://t.co/RfiW5UNncW#VeChain #VeFam 🎃
pic.twitter.com/GevQyKC58v — vechain.energy (@VeChainEnergy)
October 31, 2022 VET Rally Could Just Be Temporary While
encouraging developments on VeChain contributed to its price
increase, it should be noted that the majority of the top 30
cryptocurrencies are also seeing price increases. However, VET’s
rally may be temporary. Based on previous and present price
fluctuations, flag and pole patterns have formed. This is the third
consecutive break of a bearish pattern, which will exert downward
pressure on the token. Image: TradingView Market capitalization is
where growth can be observed. According to LunarCrush, VET’s market
capitalization increased by over 8%. This expansion is
counterbalanced, however, by a decline in TVL of approximately 2%.
Additionally, the coin has contradictory RSI, Stoch RSI, and CMF
values, with bullish RSI and CMF values and bearish Stoch RSI
values. What Are The Bearish Trends For VET? All of these bearish
chart changes are backed by the approaching bearish convergence
with the EMA Ribbon. This can be a significant issue for VET, as it
can result in a bearish break on the current flag and pole
structure. A bearish breach of the current trading pattern might
send the price of VET down toward the 100 Fibonacci retracement
levels. Therefore, potential VET investors should be wary about
taking long positions and might consider utilizing the negative
Stoch RSI value and going short at the current market price.
Related Reading: Shiba Inu Jumps 30% In Last 7 Days As SHIB Basks
In Green VET market cap at $1.70 billion on the daily chart |
Featured image from Zipmex, Chart: TradingView.com Disclaimer: The
analysis represents the author's personal understanding of the
crypto market and should not be construed as investment advice.
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