VETUSD is on an absolute tear this week.
There’s no way to say that without sounding overly bullish.
So far this week, the cryptocurrency is up an impressive 43%.
While that’s no doubt impressive, it shouldn’t be surprising to frequent readers of this site.
I’ve mentioned VET (VeChain’s native token) multiple times since June of last year when it was trading at $0.008.
Fast forward to today, and you can see that VET is trading above $0.04.
That’s a gain of 420% in less than a year.
Not bad, right?
But VETUSD still has a lot of fuel left in the tank.
In fact, this week’s price action could just be the start of a much more parabolic rise in the coming weeks.
Why do I think so?
First, there’s no denying that VET and ADA (Cardano) have played off one another for the last two years.
Look no further than the chart below.
Cardano (ADA) is in blue, and VeChain (VET) is in orange.
Notice the near exact correlation since 2018.
That is until the start of 2021.
For the last few weeks, ADA has left VET in the dust.
It’s currently up 170% or so against VET in recent weeks.
If VET continues to mimic ADA’s price action, and I think it will, then VET could be on the verge of a parabolic move to $0.05 and even $0.10 in the next few weeks.
The counter-argument to that is an ADA pullback.
But looking at the VETUSD weekly time frame below, I have every reason to believe this week could be monumental for the price of VET.
A weekly close (Sunday at 7 pm EST) above the 2018 trend line could trigger a parabolic rise to $0.10 this month.
If that sounds impossible, keep in mind that ADA is up 175% in the last two weeks.
A similar move from VET would put its price around $0.11 against the US dollar.
Will it happen?
There are no guarantees, and I’m much more interested in where VETUSD is trading in the next six or seven months than where it is at the end of February.
That said, the chart below is about as bullish as they come.