VeChain (VET) Can Enter Top 10 Cryptocurrencies Soon (50% Gain)
Updated
VeChain Thor's token VET has a YTD performance of 1000%+.
VeChain brings some of the most diverse, best and most useful solutions the worlds needs of all projects around.
VET is my second favorite coin to trade in 2021.
Price action shows a symmetrical triangle with small resistance.
Trendlines might still get broken slightly and price might consolidate a bit longer, most probably forming a bigger triangle.
Target:
I used the height of the triangle to get a target of 0.37 USDT.
Using a trailing SL could give you an even higher return with these higher lows.
(Personally I trail 50% and sell 50% at my target.)
The long wick on April 18 was due to a liquidation. A liquidation occurs when people are overleveraging their margin in a market and suddendly they don't have enough margin left.
Price only has to drop a little bit and their long positions get closed automatically with an opposing market (sell) order that gets executed immediately. (Margin Call)
As a result price can drop very hard in a couple of minutes and this can create a snowball of liquidations following up on eachother if lots of people are overleveraged.
VET looks bullish against BTC as well:
What is VeChain?
VeChain offers useful solutions for enterprises by enhancing their supply chain management and business processes via blockchain.
The information is kept in distributed ledgers via so-called Distributed Ledger Technology.
This is where VeChain initially began in 2018. Since then VeChain was renamed to VeChain Thor and moved forward to more general dApp solutions similar to Ethereum .
With VeChain Thor you can solve a broad amount of problems like countering the production of counterfeit products or managing energy consumption.
If you'd like to know more about VeChain Thor and its ecosystem checkout their website.
Vechain recently got ranked 13th on CoinMarketCap and is on track for the top 10.
Did you know businesses worldwide lose $460 billion in revenue a year just because of counterfeited products? :o
14.1% of sales in the cosmetic industry in Europe are lost due to counterfeit products. (source)
I mainly publish fundamental and technical mixed crypto analyses like this, follow me if you'd like to see more! :)
VeChain brings some of the most diverse, best and most useful solutions the worlds needs of all projects around.
VET is my second favorite coin to trade in 2021.
Price action shows a symmetrical triangle with small resistance.
Trendlines might still get broken slightly and price might consolidate a bit longer, most probably forming a bigger triangle.
Target:
I used the height of the triangle to get a target of 0.37 USDT.
Using a trailing SL could give you an even higher return with these higher lows.
(Personally I trail 50% and sell 50% at my target.)
The long wick on April 18 was due to a liquidation. A liquidation occurs when people are overleveraging their margin in a market and suddendly they don't have enough margin left.
Price only has to drop a little bit and their long positions get closed automatically with an opposing market (sell) order that gets executed immediately. (Margin Call)
As a result price can drop very hard in a couple of minutes and this can create a snowball of liquidations following up on eachother if lots of people are overleveraged.
VET looks bullish against BTC as well:
What is VeChain?
VeChain offers useful solutions for enterprises by enhancing their supply chain management and business processes via blockchain.
The information is kept in distributed ledgers via so-called Distributed Ledger Technology.
This is where VeChain initially began in 2018. Since then VeChain was renamed to VeChain Thor and moved forward to more general dApp solutions similar to Ethereum .
With VeChain Thor you can solve a broad amount of problems like countering the production of counterfeit products or managing energy consumption.
If you'd like to know more about VeChain Thor and its ecosystem checkout their website.
Vechain recently got ranked 13th on CoinMarketCap and is on track for the top 10.
Did you know businesses worldwide lose $460 billion in revenue a year just because of counterfeited products? :o
14.1% of sales in the cosmetic industry in Europe are lost due to counterfeit products. (source)
I mainly publish fundamental and technical mixed crypto analyses like this, follow me if you'd like to see more! :)
Note
(Update) VET broke trendline short term, midterm we could see further consolidation. Current resistance at 0.22-0.23 price area and support at 0.19 price mark. If 0.19 breaks, next area of demand is at around 0.16.
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