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Bullish VeChain Price Following Rising Channel Pattern


What is Vechain (VET)?

The cryptocurrency, Vechain (VET) is trading on the top spot among its peer group. It has a market cap of over $7,509,894,492 and can be found at number 20th in Coin Market Cap. This currency has been one of the most successful digital assets since its launch back in 2015 and continues to grow as it follows a rising channel pattern.

VeChain’s token is known for being used for business purposes by catering to enterprise customers who are looking for blockchain solutions for their businesses. Its biggest partners include PWC, Renault Group, BMW, Microsoft Azure Trust IoT platform, etc. Currently, the token is trading under the rising channel pattern si level of 53.81 with a bullish trend and following the rising channel pattern

The ICO price was $0.0075 USD, which means that Vechain has an increase in its value by over 6850% since then. Many people are speculating about the upcoming release of mainnet v 0.20 on August 29th which will be done through their test net called “Smart X”. This update is reportedly going to have many new features as well as bring more stability for those who wish to participate in it

Technical Chart of Vechain token

Source: tradingview

Currently, VET is trading on a bullish note under the rising channel pattern. while trying to sustain above the 200-Day moving average, also facing the resistance of 100 and 50-DMA. The closing of day candles above the 100 and 50-DMA with good volume action will give confidence to Bulls. volume is fallen below the average line, which is a sign that the bullish rally might be coming to an end.

However, RSI is creating divergence with price movement, so it will be interesting to see if this divergence is a sign that the uptrend might come to an end. RSI is gradually declining which is signaling that the bullish rally may be coming to an end.

MACD is not giving a strong bullish signal and it is trading below the signal line which might indicate a bearish market