- VET price has formed a symmetrical triangle on the daily chart.
- VeChain recently deployed new nodes in Europe and the US.
- Technical analysis points to a bullish or bearish breakout soon.
VeChain price moved sideways on Friday as low volume engulfed the financial market. VET was trading at $0.025, where it has been in the past few days. This price is ~54% from the lowest point this year and ~22% above the lowest level in March.
Latest Vechain News
VeChain has lagged the performance of other cryptocurrencies like Injective Protocol and Alchemy Pay, which have jumped by over 500% this year. It has also underperformed other large-cap coin like Bitcoin and Ethereum.
This performance is mostly because the VeChain ecosystem has been a bit ‘boring’ in the past few months, with no major announcements. Historically, cryptocurrencies tend to do well when there is buzz around them.
The most recent VeChain news came out on Thursday when the developers announced that they had partnered with SafeTech to deploy new mainnet node clusters in the United States and Europe. The goal of this partnership is to increase the resilience and robustness of the VechainThor ecosystem.
Read more: How to buy VeChain.
SafeTech is a leading platform that developed Inheriti, SafeKey, and SafeSwap. In a statement, VeChain said:
“As the era of blockchain unfolds and adoption of decentralized technologies picks up pace, collaborations on network infrastructure becomes key, and serves to increase the resilience and strength of public blockchains.”
The other important news was the release of another upgrade to VeWorld, the network’s digital wallet. The new upgrade introduced new features like fee delegation, changes to its price feeds, and dAppp integration fixes.
VeChain price prediction
The daily chart shows that the VET price has been in a consolidation phase in the past few days. During this consolidation, it has formed a small symmetrical triangle pattern that is shown in blue. The coin is also consolidating at the 25-day and 50-day exponential moving averages. At the same time, the Relative Strength Index (RSI) has moved to the neutral point at 50.
VeChain is also trading at the Woodie pivot point. Therefore, with the triangle pattern nearing its confluence level, there is a possibility that a breakout will happen soon. If it breaks out higher, the next level to watch will be the first Woodie resistance at $0.028, which is about 20% above the current level.
On the other hand, if there is a bearish breakout, the level to watch will be at $0.019, the first support of the Woodie pivot point. This price is also 20% below the current level.
