VeChain eyes bull run towards $0.25 as VET triggers cup and handle pattern

ASSAM (CoinChapter.com) — VeChain (VET) price action looks optimistic as an upward movement towards $0.25 is possible. In the VET daily price chart, a cup and handle pattern breakout are in play. 

VET eyes $0.25

The diagram below shows that after a significantly bullish rally, the VET/USDT pair attained a high price at $0.28, followed by a lower high at $0.23. Following the price movement, the VET token carved out a bottom at $0.056, dropping from another lower high of $0.15.

However, the bulls took charge and completed the formation of the ‘cup,’ reaching the previous high at $0.15. The successful formation of the ‘cup’ was followed by a small pullback, making a short and round bottom (the ‘handle’). Eventually, the buying pressure increased, and the price action retested the $0.15 high, closing a candle above this region. 

With the “cup and handle” formation conditions met, a breakout towards $0.25 looks possible. That is because of how Cup and Handle breakouts pan out: the prices move higher, with the next target sitting at a distance equal to the cup’s maximum depth. 

Meanwhile, considering the relative strength index (RSI) levels, the VET/USDT pair appears overbought, as seen in the diagram with a very sharp and positive gradient. The sharp gradient indicates that higher prices may follow, only to undergo a period of consolidation/correction later. 

Bitcoin makes a new all-time high

According to the pre-written rule of the cryptocurrency world, if the king crypto falls, the altcoins mostly follow the same trajectory. Bitcoin touched $68,200 today, aiming for $70,000 price levels.

PlanB, a famous crypto analyst with 25 years of experience, used the popular ‘Stock-to-Flow’ prediction model earlier this year to predict that Bitcoin will shoot above $98,000 for Nov 2021. So if the bullish scenario continues, we can expect this to happen.