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I first wrote about VeChain’s token VET on June 26th.
At the time, it was trading around $0.0088.
Shortly after that post, VETUSD went on a 150% run.
What’s noteworthy about that rally is that it took just eight days.
However, since topping out in August, VET has gone through 74 days of consolidation, and that’s a good thing.
This pullback has helped reset the chart as the October 7th low touched right off the 61.8% Fibonacci level of the year-to-date range.
But there’s no guarantee that the pullback is over.
As I mentioned in my last VET commentary on October 12th, buyers need to close the pair above wedge resistance.
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Until then, the pullback isn’t over.
With that said, I’m not using the upcoming breakout to time my entries.
As DPA members know, I’ve been buying VETUSD since early June.
I’ve also been accumulating throughout this entire pullback.
My position in VeChain isn’t a trade; it’s an investment with a time-based target of early 2022.
That’s when I suspect the current crypto cycle will peak.
And as for the falling wedge pattern below, the minimum target is the year-to-date high near $0.023, which would be a 100% move from today’s price.
But as impressive as that sounds, I think VETUSD will do many multiples of that over the coming 16 months.
If you are trading this pattern, though, watch for a daily close above $0.0115.
That’s the level that has to break on a daily closing basis to send VET back to it’s $0.023 year-to-date high.
Alternatively, if the pair fails to break out this time, keep an eye on the $0.0085 support area.