In case you didn’t notice, VETUSD (VeChain) had a breakout weekend and is up 85% in the last seven days alone.
And if I measure from the breakout of the wedge pattern I wrote about on July 1st, VETUSD gained 90% in just five days.
I first wrote about VeChain on June 26th when VETUSD was trading at 0.0088.
Fast forward to today, and you can see that the market has broken above 0.0085 on a weekly and monthly closing basis.
VET also cleared 0.0106, which I discussed in Sunday’s video.
So is VeChain’s bull run over?
I’ve tried to make it clear that I’m investing in VeChain and not trading it.
Sure, an 85% gain from VET in seven days is impressive, but I think the next one to two years will make that look insignificant.
The image above shows that VeChain is #1 in terms of seven-day gains out of thousands of coins.
As for what to watch in the short-term, VETUSD did breakout several hours ago from a second wedge pattern.
I posted this pattern on Twitter 24 hours ago…
We saw volume spike some following that breakout, but now we need to see follow-through.
As long as the 0.0142 area holds as support, the recent high near 0.0170 is exposed.
Beyond that, we have the 0.02 handle.
As a side note, since I started writing this post, VeChain gained another 7%, but I still believe prices are low given the strong fundamentals here.
Also, the world is starting to take notice of VeChain…
Per Google Trends, the search term “vechain” is up 500% in July alone.
The increase in attention isn’t unfounded.
And given the promising fundamentals, favorable technicals, and the cryptocurrency market breakout, I expect this trend to continue.
Disclaimer: I hold a position in VeChain (VETUSD). The information in this post is for educational purposes only and is not financial advice.
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