The price of Vechain (VET) has been on a tear in recent weeks, rising by over 7%. However, technical analysis suggests that the price could be due for a correction.
The one-hour chart shows that VET is currently trading in a descending triangle pattern. This is a bearish pattern that often signals a move down. The one-day chart also shows that VET is approaching a resistance level at $0.02. If VET breaks below this level, it could fall to the 1.595 area.
However, it is important to note that technical analysis is not always accurate. The price of VET could break out of the descending triangle pattern and continue to rise. Ultimately, the decision of whether to buy or sell VET is up to the individual investor.
In addition to the technical analysis, the presenter also discusses Vechain’s partnerships and its role in the blockchain sector. Vechain has formed partnerships with various entities, including Easy and Harvard, for ecosystem and development scaling. Over 3,500 blockchain developers have engaged with Vechain’s educational courses. Vechain has also partnered with SingularityNET to merge AI with efforts for climate change mitigation.
Overall, the presenter believes that Vechain is a promising project with a bright future. However, they also caution investors to be careful and to trade safely with tight stop losses.
