• VeChain’s (VET), is trading on a bullish channel pattern with higher highs/lows.
• VET gained over 8% during the past 48 hours, and VET still has a bullish outlook on the future
• VeChain’s bullish breakout could lead to a gain of up to 22%, and a rally towards $0.164 over its 90-day peak.
• On November 5, the VeChain Foundation will launch POA2.0’s testnet. Is this enough to give you the push that is needed for a rally

VeChain has received a lot of attention recently. This project uses distributed ledger technology (DLT), and the Internet of Things to address some of the most serious problems in supply chain management. VET saw significant growth in response to this increased interest.

VeChain’s (VET), October 26th, hit $0.1477 for a 30-day record. However, new data indicates that VeChain may be ready to test those highs again. VeChain is ready to make a strong breakout.

The current price of VeChain, (VET),

VeChain’s (VET), has been a strong performer in this market. VET’s price has risen more than 8 percent in 48 hours. It reached $0.142929 just before briefly falling back.

VeChain (VET) 48-hour chart Source: Tradingview

VET gained 3.15 percent in the past 24 hours and was currently trading at $0.1410 as of the writing. VeChain currently has a market capitalization of $9.064 million, making it the 23rd most valuable crypto. The bullish breakout is dependent on its current price.

VeChain(VET): On Course for a 22% Rally

VeChain (VET), at the current price, is poised for significant gains. The bulls will continue to be in view as long VET is priced at or above $0.133. VET’s target price will be $0.164, or 22%.

The current price of VeChain indicates that the channel pattern is bullish, and has higher highs/lows. At the 4 hour time frame, the daily chart shows a bullish trend.

VET’s bullish position is also supported by the October 21 break of its multi-month descending trends line. VET’s current price is $0.140 above its middle border in the technical pattern.

Arms Index (TRIN) is a gauge of overall market sentiment and indicates that the Bulls are winning. Current TRIN data for VeChain suggests more buyers than seller in the market.

VET currently has a resistance level of $0.147 at its Momentum Reversal Indicator. This is where the most critical additional resistance lies. VET should break above $0.147 to reach its October 26 high. Altcoin could then hit $0.164 in the next 90 days if VET breaks below $0.147.

The coin has been moving up with good recovery at lower levels. Volume over the chart is also average.

To The Flipside

• The bullish outlook could be canceled if VeChain’s (VET), falls below its downside trend line ($0.140).
• VET could fall below the trendline and see VET test the main support zone at $0.133.
• VeChain’s 4-hour-timeframe volume is very low. This needs to change quickly if there are going to be a significant bounceback.

VeChain could get a price boost

VeChain has already rallied to $0.164 and the altcoin may see a significant boost. VeChain Foundation recently completed VeChainThor V1.6.0 network upgrades and now is ready to activate POA2.0 Phase 1

POA2.0 is the most popular protocol in its field. POA2.0 is a combination of Nakamoto consensus and Byzantine fault tolerance to overcome their flaws while maximizing their strengths.

Network upgrades in the past have caused significant price movements, at least for the near term. The Testnet and mainnet of POA2.0 are scheduled to launch November 5th. Block #10653500 will host the mainnet on November 16th.

It is possible that VeChain could rally to $0.147, if POA2.0 fulfills its promises. VeChain will target $0.1570 resistance for November.

What are the reasons to care?

VeChain sits around 50% below its ATH. This is unlike other altcoins which are hovering at/around the all-time high. VeChain is a rare opportunity to buy, given the potential future predictions of this altcoin. It could trade at the bottom.

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