VeChain is now undergoing some promising developments, as would any blockchain-based endeavor. The official VeChain Twitter account stated that things became rough in October, but that the team is happy with the progress made so far on the VeChain network.<\/p>\n
Vechain.energy aims to connect<\/a> the web2 and web3 communities. Developers recently stated on Medium that the bridge \u201cfelt complete, bumpy but complete\u201d in the month of October.<\/p>\n While the most up-to-date information can be found in the blog post, a snapshot connected to their Twitter tweet demonstrates the project\u2019s steady development. This is hopeful news for the project.<\/p>\n However, there is always a unique cryptocurrency that is released alongside a new crypto project. The value of VET, VeChain\u2019s native currency, has increased dramatically after the crypto market meltdown this year. There was a 10% weekly gain<\/a>, based on figures by CoinGecko, Wednesday.<\/p>\n The only remaining question is whether or not VET will maintain its upward trajectory.<\/p>\n October was an amazing month! Technically the most important brick was laid with our #WebHooks<\/a> that allows bi-directional #Blockchain<\/a> communication with every backend. But there was more \u2026<\/p>\n Here\u2019s our reflection on October:https:\/\/t.co\/RfiW5UNncW<\/a>#VeChain<\/a> #VeFam<\/a> pic.twitter.com\/GevQyKC58v<\/a><\/p>\n \u2014 vechain.energy (@VeChainEnergy) October 31, 2022<\/a><\/p>\n While encouraging developments on VeChain contributed to its price increase, it should be noted that the majority of the top 30 cryptocurrencies are also seeing price increases.<\/p>\n However, VET\u2019s rally may be temporary. Based on previous and present price fluctuations, flag and pole patterns have formed. This is the third consecutive break of a bearish pattern, which will exert downward pressure on the token.<\/p>\n\n Image: TradingView<\/p>\n Market capitalization is where growth can be observed. According to LunarCrush,<\/a> VET\u2019s market capitalization increased by over 8%. This expansion is counterbalanced, however, by a decline in TVL of approximately 2%.<\/p>\n Additionally, the coin has contradictory RSI, Stoch RSI, and CMF values, with bullish RSI and CMF values and bearish Stoch RSI values.<\/p>\n All of these bearish chart changes are backed by the approaching bearish convergence with the EMA Ribbon. This can be a significant issue for VET, as it can result in a bearish break on the current flag and pole structure.<\/p>\n A bearish breach of the current trading pattern might send the price of VET down toward the 100 Fibonacci retracement levels.<\/p>\n Therefore, potential VET investors should be wary about taking long positions and might consider utilizing the negative Stoch RSI value and going short at the current market price.<\/p>\n\n VET market cap at $1.70 billion on the daily chart | Featured image from Zipmex, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n VeChain is now undergoing some promising developments, as would any blockchain-based endeavor. The official VeChain Twitter account stated that things became rough in October, but that the team is happy with the progress made so far on the VeChain network.<\/p>\n Vechain.energy aims to connect<\/a> the web2 and web3 communities. Developers recently stated on Medium that the bridge \u201cfelt complete, bumpy but complete\u201d in the month of October.<\/p>\n While the most up-to-date information can be found in the blog post, a snapshot connected to their Twitter tweet demonstrates the project\u2019s steady development. This is hopeful news for the project.<\/p>\n However, there is always a unique cryptocurrency that is released alongside a new crypto project. The value of VET, VeChain\u2019s native currency, has increased dramatically after the crypto market meltdown this year. There was a 10% weekly gain<\/a>, based on figures by CoinGecko, Wednesday.<\/p>\n The only remaining question is whether or not VET will maintain its upward trajectory.<\/p>\n October was an amazing month! Technically the most important brick was laid with our #WebHooks<\/a> that allows bi-directional #Blockchain<\/a> communication with every backend. But there was more \u2026<\/p>\n Here\u2019s our reflection on October:https:\/\/t.co\/RfiW5UNncW<\/a>#VeChain<\/a> #VeFam<\/a> pic.twitter.com\/GevQyKC58v<\/a><\/p>\n \u2014 vechain.energy (@VeChainEnergy) October 31, 2022<\/a><\/p>\n While encouraging developments on VeChain contributed to its price increase, it should be noted that the majority of the top 30 cryptocurrencies are also seeing price increases.<\/p>\n However, VET\u2019s rally may be temporary. Based on previous and present price fluctuations, flag and pole patterns have formed. This is the third consecutive break of a bearish pattern, which will exert downward pressure on the token.<\/p>\n Image: TradingView<\/p>\nVET Rally Could Just Be Temporary<\/strong><\/h2>\n
What Are The Bearish Trends For VET?<\/strong><\/h2>\n
VET Rally Could Just Be Temporary<\/strong><\/h2>\n