VeChain is luring massive returns as it breaches 22-month long resistance with a complete bullish candlewick at $0.01832. VeChain, as a project, is believed to be a complete package of massive returns in 2020 due to many strong reasons. VeChain’s distinctive formation has led to well-defined scalability and low cost of transactions.
Moreover, as data management gains an edge in every sector now, preservation of data quality is an equally important factor, wherein VeChain has now partnered with DNV-GL and PwC. This will lead to guarantee the standard of theirs and their supplier’s internal process along with pledging for the standard of data fed onto a blockchain to push numerous and new kinds of the correlational business framework.
VeChain has been enticing massive networkers with constant uptrend after the market crash in March. Moreover, the increasing price bracket has led to gaining attention from social media platforms.
VeChain price has gone straight up w/ a 92.39% weekly gain but when we zoom out & look at 1Y social growth, the picture is even more stunning. Today set a new high of 3,687 indiv. contributors on top of 230,207 social contributors over the past year. https://t.co/haxrKEBcgc $vet pic.twitter.com/vcWa3dXBYI
— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) July 7, 2020
The recent Bull Run has hit a 22-month long resistance as the coin has clearly moved beyond $0.015 as well. However, a realistic price prediction for VET/USD to achieve greater heights would include certain pullbacks and corrections due to the market’s volatile nature.
Just as VET coin gains enough impetus, the networkers are keen to know about what really pushed VeChain this year and how sustainable is this Bull Run. Google Trends records a 500% rise in the search traffic of VeChain as the recent rally makes the sound.
The world is taking notice of #VeChain.
Search traffic is up 500% in July, according to Google Trends.
— Justin Bennett (@JustinBennettFX) July 7, 2020
However, altcoins like VET were believed to be subdued until it exhibited strengthening signs after the market crash this year.
VeChain Price Analysis
On the 3-day chart, VeChain has clearly broken a 22-month long resistance at $0.0183 after a constant surge over the past four months now. However, due to market volatility, the intermittent dips were experienced in the previous month, and it was just at the onset of the ongoing month when VET/USD rose above $0.010 with a complete bullish candlestick. It was exactly a year back when VET token could hit a YTD high slightly above $0.0100 and rejected the same height for approximately 52 weeks until it rose again today.
Emphasizing closely, the 24-hourly chart shows a constant and steep growth since the beginning of the month and has already hit YTD high. Moreover, a constant uptrend was breached after the coin gained hefty momentum in the previous month.
VeChain’s recent price rally will undoubtedly face sell-off resulting in pullbacks as the investors seal their farfetched profits. While BTC still trades around $9.2k, VET coin is drawing all the attention amidst 5000 cryptocurrencies of the global crypto market.
The technicals laid on the 24-hourly VeChain chart against the US Dollar are strongly bullish, and the RSI is hitting the overbought region due to increased demand and intraday spike at 90.66