VETUSDT : VeChain Breaks Out of Descending Trendline

Jul 12

VeChain is currently at a critical point, showing signs of potential upward movement and a strong support base. The chart indicates a recent upward trend following a prolonged decline.

Resistances and Support:

Resistance I: Around $0.02850, where the price might face difficulties breaking through.
Resistance II: Near $0.03355.
Support: Located at $0.02037, an important level that could hold the price in case of a decline.
The Stochastic RSI shows that VET is currently in an overbought zone, which could indicate a possible short-term correction.

Fibonacci levels suggest potential areas of support and resistance. The 0.618 level at $0.04772 is particularly important for the continuation of the upward trend.

VeChain has stood out with strategic partnerships including companies like BMW, Walmart China, and major telecommunications operators such as AT&T, T-Mobile, and Verizon. These partnerships are focused on areas such as supply chain tracking, food safety, and preparation for 5G networks (Crypto News Flash).

Recently, analysts predicted significant upside potential for VET, with estimates that the price could reach $1.80 by October 2024, based on detailed Fibonacci analysis and other technical indicators. VeChain has also launched important technological products such as the VeWorld Mobile wallet and the VORJ digital asset platform, promoting the adoption of Web3 technology