Analysts In Unison See VeChain Trending Higher

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Last Updated on 6 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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It is rare that you see multiple analysts all saying the same thing about a certain crypto coin, but in the past month of so, we haven’t heard anything bad about the price graph of VeChain, the small altcoin that proposes solutions in supply chain management.

In fact, ever since CryptoMich and Scott Melker both rang the bottom bell at 9 cents at around 30 September, VeChain has indeed gone in only one direction, namely steadily higher.

Now even one of VeChain’s biggest fanboys, technical analyst Justin Bennett, has chimed in as well, saying that the coin was:

Closing in on that big $0.155 resistance area. Close above that, and 0.19 is next.

Advertentie.

Significant rally

Investing agreed with his analysis yesterday, stating that:

The current price of VeChain sets it up for a significant rally. As long as VET remains priced above the key levels of support at $0.133, the bulls are still on the radar. The target for VET will be a 22% rally toward $0.164.

In fact, Investing was proven right only a few hours later as that price target got hit, so now it just remains to be seen (in the short term) whether Justin’s target can be reached next.

We have to admit that the moves of VeChain are not as explosive as some of the Metacoins we’ve discussed this week (or even the memecoins like Shiba Inu for that matter), but if analysts are to be believed, this might be a good sign.

The bottom bell sign that was called a month ago was thus far one of the best indicators we’ve seen all year. Always do your own research though.