VeChain, like any blockchain-based venture, is now undergoing some interesting developments. According to the official VeChain Twitter account, things were difficult in October, but the team is pleased with the progress made on the VeChain network.
Vechain.energy attempts to bridge the gap between the web2 and web3 communities. In October, developers stated on Medium that the bridge “felt complete, bumpy but complete.” While the blog entry has the most recent information, a snapshot linked to their Twitter tweet shows the project’s steady growth. This is encouraging news for the project.
However, a unique cryptocurrency is always issued alongside a new crypto project. Following the crypto market crisis this year, the value of VET, VeChain’s native currency, has soared considerably. According to CoinGecko data, there was a 10% weekly increase on Wednesday.
The only remaining uncertainty is whether or not VET will continue to grow. While positive developments on VeChain have led to its price growth, it should be noted that most of the top 30 cryptocurrencies also see price increases.
However, the VET rally could be short-lived. Flag and pole patterns have emerged due to prior and current price swings. This is the third breach of a bearish pattern in a row, putting downward pressure on the token.
Growth can be shown in market capitalization. VET’s market capitalization surged by more than 8%, according to LunarCrush. This expansion, however, is offset by a 2% decrease in TVL. Furthermore, the coin’s RSI, Stoch RSI, and CMF values are inconsistent, with bullish RSI and CMF values and bearish Stoch RSI values.
The EMA Ribbon’s impending bearish confluence supports these bearish trend developments. This can be a huge problem for VET because it can lead to a bearish break on the current flag and pole structure.
If the present trading pattern is broken down, the price of VET may fall toward the 100 Fibonacci retracement level. As a result, potential VET investors should be cautious about opening long positions and might consider using the negative Stoch RSI value to go short at the current market price.