VeChain (Up 13%) Poised For Breakout According To These Indicators

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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 / [email protected]
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With both Bitcoin and Ethereum racing to new highs as the end of the year approaches, questions linger about which altcoin will follow them upwards the fastest. In other words, if you want to spread your risk and amass multiple coins in your crypto portfolio, which one is best to invest next to those two behemoths of the cryptosphere.

According to two technical analysts and chatter on social media, VeChain might be a good bet in 2021. At the time of writing, VET is trading at $0,019363, up 13% for the day and 26% for the whole week.

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No news, lots of chatter

Lunarcrush, the company that calculates the most chatter, mentions and overall hype surrounding a coin is always a good place to check for knowing what crypto enthusiasts are thinking about.

According to their data, VeChain is getting lots of chatter as of late. This is in a way strange as there are no major news updates (VeChain had a very positive news cycle in the first half of the year but dropped off the newsreel radar as of late), but could be explained by the positive feedback from two known technical analysts.

First up is MichaĂ«l van de Poppe, the Amsterdam based trader who has become Cointelegraph’s go-to guy for technical analysis, which can serve as a setup for what might be coming next (do note that we still instruct you to do your own research).

Knowing that many people were asking about a possible altseason now that Bitcoin is getting so much traction, he stated on 26 December already that:

Some altcoins are already waking up. That also happened previously. That’s why allocating towards them is a significant opportunity already. $VET is moving hard after the capitulation a few days ago.

Second is Justin Bennett, a technical analyst who’s been bullish on Bitcoin, Ethereum and VeChain as of late. His prediction that VeChain is poised for a breakout was greeted with lots of social media chatter. On 27 December he stated that:

$VET is testing that breakout point. Clear 0.0177 on a daily closing basis, and #VET is back to 0.022 in a hurry. Volume looks really strong today! It’s already outpaced yesterday’s volume with 10 hours left in the day.

In a few days, we’ll know if they were both right.