- VeChain is one of the biggest Chinese cryptocurrencies in the industry.
- The coin is about to form a golden cross on the daily chart.
Chinese cryptocurrencies made a strong comeback this week after Hong Kong authorities moved to legalise trading in a bid to spur the economy. The move was silently supported by Beijing authorities. As these coins rose, VeChain price jumped to a multi-month high of $0.032. At its peak this week, VeChain was up by 112% from its lowest point in 2022.
Latest VeChain news
VeChain, a blockchain project developed in China, has seen its token do relatively well in the past few weeks. To a large extent, this recovery is in line with the performance of other cryptocurrencies like BTC and ETH which have jumped by double-digits.
There has been no major VeChain news. First, the number of addresses known to hold VET has continued rising in the past few days. According to VeChain Stats, there are now over 2.04 million addresses in the ecosystem.
At the same time, the number of contracts in the network has jumped to over 20k while the number of blocks has soared to over 14.6 million. In most periods, these on-chain metrics tend to have an impact on an asset’s price.
Read more: How to buy VeChain.
Second, VeChain’s ecosystem continued growing as the developers introduce a new wallet known as VeWorld. The wallet is being described as the MetaMask of the VeChain network. Some of its top features are a built-in carbon calculator and a fiat on/off ramps.
Meanwhile, the developers are running a vote for the next steering committee members. The second round of the vote started on Thursday and will run until March 1. At the time of voting, 107 members had voted for their preferred candidate.
VeChain price forecast
The daily chart can help give us the overall view of an asset and predict whether it will rise or fall. The chart shows that the coin managed to move above the key resistance level at $0.028, the highest point on November 8. VeChain also moved above the crucial resistance point at $0.026, the highest level on February 8. It then retested it, in what is known as a break and retest pattern.
Most importantly, VeChain has managed to cross the 50-day and 200-day exponential moving averages. And the two EMAs are about to make a bullish crossover known as a golden cross pattern. This is a rare pattern that is usually a bullish sign.
Therefore, I suspect that the coin will continue rising as buyers target the key resistance point at $0.034, the highest point on August 12 last year.
VET price prediction
On the 4H chart, we see clearly that VeChain managed to flip the crucial resistance at $0.028 into a support. This price action was notable since it also coincided with the 50-period moving average level. It was also above the ascending trendline shown in black.
Therefore, VeChain will likely continue rising as buyers target the key resistance level at $0.0326, the highest point this year. More gains will be confirmed only when it moves above this point since it will invalidate the double-top pattern.
