Can VET Pull A TRX?
Updated
If we're going to see another cryptocurrency bull run, VeChain is one of those cryptos with a very active community and a strong price support. VET is something I've been accumulating throughout the bear market, and have increased my stack by nearly 500% since I first bought. I continue to occasionally accumulate through redistribution of other coins. In my last VET analysis, I said a move towards 130 and then 150 was possible. VET topped out at 158 (slightly above my target) and has since moved down to retest the 109 support.
This analysis is another example of why I use ETH ratios. Look at the VET/ETH pairing. Something I've observed time and time again in this market is how often traders use the ETH pairings. Just look at my recent BAT analysis (linked at bottom), and how I was able to predict that major breakout.
Based on the VETETH chart, I think we can expect a major VETBTC breakout as well if that 0.000045-46 area is breached. You can see a pretty large potential ascending triangle forming there. I may enter a trade if that happens, or simply add to my VET with some Ethereum. Perhaps I will even enter sooner. We will see.
I think based on fundamentals and analyzing price action across pairings for VET, it could make a seriously explosive move. The circulating supply of VeChain is close to that of XRP. That means that even if VET can be worth half of XRP's market value (I think this is certainly possible, based on their caliber), it could be worth as much as 15 cents in the not so distant future. This would mean that it could make an enormous jump, all the way towards the 2000 sat level, which would be nearly a 20X increase against Bitcoin. We've seen this happen in crypto before (think TRX, and even XLM in 2017). I fully admit, this is a bit of a "moonboy" fantasy.
Keep in mind, this is a bullish scenario, and it does not have to play out (this is certainly not financial advice). This is purely my opinion and speculation at the present time. VET can also have a major breakdown if investors lose confidence in holding the token. This could happen if the 100 satoshi psychological support is lost. Perhaps a quick stop hunt is possible as well, but it's a little more difficult with such a large token supply.
-Victor Cobra
This analysis is another example of why I use ETH ratios. Look at the VET/ETH pairing. Something I've observed time and time again in this market is how often traders use the ETH pairings. Just look at my recent BAT analysis (linked at bottom), and how I was able to predict that major breakout.
Based on the VETETH chart, I think we can expect a major VETBTC breakout as well if that 0.000045-46 area is breached. You can see a pretty large potential ascending triangle forming there. I may enter a trade if that happens, or simply add to my VET with some Ethereum. Perhaps I will even enter sooner. We will see.
I think based on fundamentals and analyzing price action across pairings for VET, it could make a seriously explosive move. The circulating supply of VeChain is close to that of XRP. That means that even if VET can be worth half of XRP's market value (I think this is certainly possible, based on their caliber), it could be worth as much as 15 cents in the not so distant future. This would mean that it could make an enormous jump, all the way towards the 2000 sat level, which would be nearly a 20X increase against Bitcoin. We've seen this happen in crypto before (think TRX, and even XLM in 2017). I fully admit, this is a bit of a "moonboy" fantasy.
Keep in mind, this is a bullish scenario, and it does not have to play out (this is certainly not financial advice). This is purely my opinion and speculation at the present time. VET can also have a major breakdown if investors lose confidence in holding the token. This could happen if the 100 satoshi psychological support is lost. Perhaps a quick stop hunt is possible as well, but it's a little more difficult with such a large token supply.
-Victor Cobra
Note
Based on what's going on with a lot of altcoins, I think it's possible for VET to make a new low on the ratio (as mentioned above - some sort of stop hunt). When something retraces an entire pump, it often means there needs to be at least a brief markdown before enough upwards momentum can be gathered to send it to new highs. I guess we'll see. I think VET can go as low as the 70 sat area briefly (yellow scenario). Otherwise, we could just have another rounded bottom (green scenario). Note
The VET/ETH idea is invalidated for now, since we broke below the ascending support. Note
Actually, nevermind. It's still valid. Just didn't have the support drawn where it should have been. Note
Looks like a break below 100 is becoming quite likely.Note
Based on the behavior of other alts (like NEO), a break below 100 might actually be sustained - meaning it won't look like a V-bottom. I guess we'll see. Best to stay on the side for now.Note
I was correct in assuming no bounce below 100. Let’s see how far this can drop, or if buyers can step in soon.Note
Since some other alts are starting to look better, and since VET still looks relatively good on its USD chart, we might actually have a bigger bounce soon. I’d wait to see if we can push quickly back above 100. This would be a sign that this was simply a liquidity hunt.Note
Very close to 100 now!Note
So it seems that VET has continuously failed to get back above 100 sats. If one is trading, it might be a good idea to wait until it happens again. We saw some bullish price action yesterday, but we really need to break that $0.009 resistance if we're to make it back to 1 cent.
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