VeChain (VET) moves with returns of 10.3% and 51.4% in the daily and monthly charts. At press time, the cryptocurrency is trading at $ 0.13 and could continue to rise based on recent developments.

After hitting a potential low on October 20, VET erupted upward, according to analyst Justin Bennett.

In the middle of the current Bitcoin season, the largest cryptocurrency by market capitalization has withdrawn liquidity from the altcoin market. With that in mind, VET may have bottomed against BTC with key support at $ 0.123, Bennett explained.

“Breakout comes into vocational training. Many people complain of a lack of exercise. But they don’t realize that everything is just melting together. The longer the consolidation, the bigger the breakout. 187 days of consolidation ”.

The source: Justin Bennett / Twitter

Vocational training began to break out yesterday, the analyst said. This could put the cryptocurrency on an uptrend, but it could suffer some setbacks if Bitcoin underperforms over the weekend.

However, it appears that “VET has done well today despite the BTC weakness. It is still testing the April trendline above $ 0.13. A closing price above this level is required to switch to support and pave the way to $ 0.155. The main support is currently at $ 0.123. “

The source: Justin Bennett / Twitter

Part of the driving force comes from VeChain, which forges large partnerships around the world, especially in Asia. The platform appears to be part of China’s national blockchain plan. As reported by Bitcoin Magazine, the VeChain Foundation was awarded a certificate by the China Standardization Association, an organization that reports to the State Council.

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Annie

According to Newsbtc

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