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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why VeChain May Run Out Of Fuel After 90% Rally

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
VeChain VET

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VeChain has been able to preserve its current levels as the crypto market loses steam. The sector has seen a recent bullish price action which has led the price of VET and other digital assets to a yearly high.

Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally

At the time of writing, VeChain (VET) trades at $0.083 with a 13% and 80% profit in the last day and 30-days, respectively, according to data from CoinGecko.

VET VETUSDT
VET with bullish momentum on the 4-hour chart. Source: VETUSDT Tradingview

Two weeks ago, NewsBTC reported a potential 40% rally for VeChain. Based on an analysis from Justin Bennett, the cryptocurrency was on the brick of breaking above a trend line which signaled potential appreciation.

This trend line marked the beginning of a multi-month downtrend, and its reversal could take VeChain into the $0.10 price point. Therefore, Bennett called this move “significant in terms of the overall context of the market”.

VeChain is yet to complete its full bullish trajectory into the $0.10 levels and beyond. However, it did manage to score a 90% rally, according to Bennett, destroying the market expectations of further downside:

VET is the same project everyone on CT said was dead for months. +97% in 16 days is quite the move for a “dead” coin. Let that be a lesson for anyone who jumped on the CT bandwagon. Peak pessimism amongst the masses usually means a buying opportunity isn’t far away.

The $0.080 point will be critical to determine if VeChain can sustain its current momentum. If these levels hold, VET’s price could appreciate further and return to its pre-crash levels from $0.10 to $0.14.

VeChain VET VETUSDT
VET’s price breaking above a downside trendline. This suggests more appreciation. Source: Justin Bennett via Twitter

Data from Material Indicators (MI) suggest potential resistance at VET’s price current levels. There are over $2 million in asks orders above the $0.080 mark which could operate as resistance.

As seen below the most important level to break is $0.90 which holds the majority of asks orders. Above this price, there is little resistance.

VeChain VET VETUSDT MI 1
VET’s price with resistance (yellow and red above price) at current levels. Source: Material Indicators

Will VeChain Continue To Appreciate?

Additional data provided by Material Indicators (MI) suggest retail investors (orange in the chart below) have been buying into VET’s price recent price action. In the meantime, investors with larger orders (in green and red in the chart, with selling orders between $1,000 to $10,000) began selling.

VeChain has sustained its momentum because investors with bids orders of around $100,000 (purple in the chart) have been continuously supporting its price. If this investor class continues to support VET, the price can stay at its current levels or trend to either side.

Related Reading | Polkadot, Vechain Founders Pledge Over $10 Million In Crypto To Ukraine

Retail investors buy, but purple seems to dominate and dictate momentum.

VeChain VET VETUSDT MI 2
Investors with $100k bid orders sustain current momentum as other investor classes (red and green) sell. Source: Material Indicators

 

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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