VeChain (VET) Price Analysis and Prediction 2019 – A Mini-Bull Run Looms On The Horizon? (May 22nd Update)

Mid May Update: Technicals

4H VETBTC

VeChain has been underperforming lately, especially if we juxtapose its performance with some of its nearby coins on the market rankings. It did have its own mini bull run last week, but the correction phase has prolonged its duration to the great sorrow of VET holders.

The 4h chart indicates that VET surged all the way up to the resistance (former support) at 107 sats and failed to break it on the first and second attempt. It is right now hovering between 2 Fib levels and between EMA20 and MA50. The Fib50 line of 95 sats is the breakdown level for VET – if it fails to hold it, a stoop to the local bottom of 80 sats in play.

Breakout point for VET is the 110 sats zone, a most recent high for VET, that needs to be smashed, by closing a daily candle above it, before testing the 123 and possibly 150 sats level. Entering VET right now is a good risk/reward decision only with accompanying tight stop loss right below the breakdown level.

Daily VETBTC

VETBTC on the daily might be forming a bullish pennant pattern, which would indicate a further continuation of the underlying minor trend, which is bullish. Should this pattern play out as in most cases, VET could see a mini rally from this Fib236 at 99 to the Fib50 that is around 120 sats.

http://captainaltcoin.com/

VET is one of the coins which daily trading volume is least manipulated in the market, as the “Real 10” (volumes on 10 legit, non-manipulating exchanges) metric by Messari shows it to be $7.4 million in the last 24 hours, while the reported volume by exchanges is $18.1 million. That is “only” 2.4x overstated volume which is a great ratio since majority of the market is in double digits on this overstatement metric.

Overall, technicals and fundamentals seem to trend…

Source Link