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Will VeChain bounce back after a bullish divergence is formed?


 

VeChain (VET / USD) saw buy volume spike Thursday as it traded over 4% higher. VeChain is an enterprise blockchain platform that aims to provide a complete view of an organization by separating information from data silos. VeChain also plans to become a leading platform for Initial Coin Offerings (ICOs) and for conducting transactions between devices connected to the Internet of Things (IoT).

Thursday's move increased investor confidence in Vet as investors expected a turnaround after Vet neared a key support zone at $ 0.078.

After a strong rally last week that saw Vet's price rise by over 17%, Vet has given up almost all of last week's gains. However, Thursday's rally could mark the start of a continuation of the rally so investors can expect high returns from Vet soon. Vet is down over 60% from highs it hit after the November rally, and investors may finally see a long-awaited reversal soon. This gave Vet a lot of leeway to make up for the losses from the massive decline in November.

  • Vechain has fallen over 60% from the top and has now formed a double bottom pattern which is a bullish reversal pattern so a reversal could be seen soon.

  • A bullish RSI divergence has also formed, which is also indicative of a strong bullish reversal soon.

  • Investors can wait for Vet to break out of the resisting trendline, which would show that buyers are back to Vet.

  • Investors can set a target at $ 0.1, followed by $ 0.12 and a stop loss at $ 0.07.

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