VET token eyed a near-300% upside move in 2022 while BC Games added VeChain to the fold

Key Takeaways:

  • VeChain (VET) traded above a confluence of suport.
  • The token flashed a bullish pattern on the weekly chart, but a short-term 40% setback could be in the books.
  • BC Games offered VET bets on the platform.
VET token eyed a near-300% upside move in 2022
image from medium.com

YEREVAN (CoinChapter.com) – VET token, native to the VeChain ecosystem, trading at $0.062 after nearly two weeks of sideways consolidation, mimicking Bitcoin (BTC). However, the digital asset’s daily chart was bearish in the short term, while the high time frame perspective revealed bullish possibilities.

Vechain (VET) price on Apr. 21. Source: CoinMarketCap.com
Vechain (VET) price on Apr. 21. Source: CoinMarketCap.com

VET Coin weekly chart

VET price followed a pattern dubbed the Falling Wedge on the weekly chart. The formation entails two trendlines with a negative slope that encapsulate the price action while lowering the swing. As a result, the digital asset breaks the resistance line when the setup is exhausted.

VeChain (VET) weekly chart.
VeChain (VET) weekly chart. Source: TradingView.com

Also read: VeChain prices doubles in over a month — a great VET selloff ahead?

Moreover, the break could equal the maximal distance between the trendlines. Thus, VeChain Thor token price could reach $0.23 in the upcoming quarter, which would constitute an over 280% growth for the digital asset.

However, the Falling Wedge is not exhausted yet, which means the VET coin could face a decline toward the pattern’s support before attempting a breakout.

Furthermore, the bearish trading volumes support the short-term decline prognosis. They were consistently dropping on the weekly chart for the previous month. Additionally, the trading volumes on the daily chart did not inspire confidence either.

Also read: Grayscale considers adding Vechain (VET) token amid market recovery.

The trend-based oscillators backed the forecast. For example, the relative strength index (RSI; purple graph at the bottom) bobbed within the indecisive mid-range. The MACD oscillator (red/green histogram) started printing green candles in the previous weeks. However, the recent bearish weeks corrected the EMA-9 from bullish to flat.

Meanwhile, VeChain enjoyed growing adoption thanks to BC Games crypto casino.

BC Games offers VeChain (VET)

The crypto casino announced the news on Apr. 20. BC Games also commented that the platform will give away $100 worth of VET to “10 lucky winners” in 72 hours if they like, retweet, and tag three friends.

Additionally, InvestorObserver rated VeChain as fairly bullish on Wednesday, giving it a “medium risk rang.”

A medium rank means the price can still move around a lot, but the price is less likely to be manipulated and big moves will likely mean increased interest in trading VeChain.

commented the platform.

Also read Cryptocurrency Prices Today: BTC, ETH, DOGE, XLM, AVAX, SOL.

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Vet, VET token eyed a near-300% upside move in 2022 while BC Games added VeChain to the fold

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