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.
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.
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.
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