VeChain (VET) is trading at $0.01719, up 5.56% over the last 24 hours. Its market capitalization has jumped to $1.24 million, placing it at position 30 on the CoinMarketCap ranking.
As it trades above a significantly bullish chart formation, VET features among the top gainers on Thursday, as shown in the figure below.
This latest upsurge in VeChain price has been attributed to recent developments from the announcement by Coinbase that it was listing VET.
The US-based crypto exchange announced support for VeChain (VET) and VeThor (VTHO) on the VeChain network, with trading going live on Sept. 13, 2023, at 9:30 AM PT.
Trading will begin on or after 9:30 AM PT on 13 Sept 2023, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our VET-USD and VTHO-USD trading pairs will launch in phases.
— Coinbase Assets 🛡️ (@CoinbaseAssets) September 12, 2023
The publicly listed crypto company boasts over 100 million users and its listing of VeChain’s tokens has resulted in the growth of their value.
According to the team behind VeChain, the listing is a great step towards the blockchain’s mass adoption.
Market intelligence firm Santiment highlighted these gains in VeChain’s tokens saying the most significant gains were from VTHO. The firm posted the following chart on X, saying:
“#VeChain $VET is +9.4% and #VeThor $VTHO is +73.9% since their @coinbase listing news hit a bit over 1 day ago. As the top two current trending assets in #crypto, $VTHO is understandably taking volume from $VET as its gains have been far more notable. ”
VeChain Price Is on Track to Reach aA Bullish Flag’s Target
Following a sharp rise from the $0.0145 support floor, the VET price rose to set a swing high at $0.0168 before dropping toward the 100-period Simple Moving Average (SMA) at $0.0156.
The steep rise in price and the sudden correction which occurred between Sept. 11 and Sept. 13 led to the formation of a bullish flag technical chart pattern on the four-hour chart (see below). This technical formation is highly bullish and points to the continuation of the uptrend.
As the chart reveals, the VeChain price escaped from the technical chart pattern on Wednesday, confirming the continuation of the uptrend. This happened when VET produced a four-hour candlestick close above the upper boundary of the flag at $0.0162.
The optimistic target of the bullish flag is projected to $0.0188. To reach this target, VET price has to rise above the $0.0175 and $0.0180 psychological levels. Once it overcomes these barriers, it will rise 9% from the current levels toward the chart patterns target.
VET/USD Four-hour Chart
This optimistic outlook for VeChain was supported by the upward trajectory taken by the moving averages. Note that there was an impending bullish cross from the SMAs. This is likely to take place in the near term once the 50-day SMA crosses above the 100-day SMA. Once this happens, the recovery will gain traction toward the target.
The oscillating indicators, the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicator, were moving with their positive regions. The price strength at 66 suggested that there were still more buyers than sellers in the market.
On the downside, the RSI was turning away from the overbought region, suggesting that sellers are booking profits on the rally to $0.0175. If overhead pressure from this supplier congestion zone increases, the ongoing brearish correction would be extended first toward the $0,0150 psychological level and later the 200 SMA at $0.01612.
Source: https://www.analyticsinsight.net/vechain-price-prediction-vet-demonstrates-strength-with-6-pump/