VeChain Pumps 65% In One Month, What’s Next For VET?

The VeChain (VET) cryptocurrency has been making the news this month. In times when the majority of crypto traders and analysts are discussing the variety of bullish and bearish perspectives on Bitcoin (BTC), the altcoin news show a jump for a lot of coins. As VeChain pumps 65% in one month, the cryptocurrency shows that it is more than just a blockchain platform focused on enhancing supply chain management processes.

And if you are actually wondering why VeChain is rising as we speak, we can see that the project has got a couple of pushes in the back – being primarily focused on providing solutions that allow consumers and retailers to check the authenticity and quality of the products they have purchased.

That being said, there are tons of altcoins out there which aspire to be greater. However, VeChain pumps its price as we speak and the altcoin managed to surge more than 100% in a matter of weeks. For cryptocurrency traders, this is very notable, of course.

While VeChain pumps and adds gains, the VeChain coin news show that for the first time since its listing, VeChain (VET) managed to break the 200-day exponential moving average (EMA) as can be seen in the charts.

Other notable keynotes can be found on the daily charts of VeChain which show that it is not moving only above the 200-DMA and EMA – it also broke the 14-month long downtrend. Similar to the breakout of the downtrend, we can see a falling wedge pattern with bullish divergences which was marking the bottom during August and September this year.

Meanwhile, the relative strength index (RSI) is showing the highest level since listing on several timeframes – which could indicate that some period of cool-off is ready to happen for the altcoin. Meanwhile, the other cryptonews show that altcoins are starting to show similarities in the strengths of their price action. ZRX (0x) is one of them, managing to break out of its downtrend.

As VeChain pumps more than 65% in a single month, we can see that a bullish scenario is more likely to occur than a bearish one. There are in fact a number of scenarios for the VET asset, first of which is the break to 0.00000062 (sats) and a continuation of the trend towards 0.000000100 (sats). The second scenario requires a drop first, which is a short term bearish outlook.