VeChain Thor's token VET has a YTD performance of 1000%+. VeChain brings some of the most diverse, best and most useful solutions the worlds needs of all projects around. VET is my second favorite coin to trade in 2021.
Price action shows a symmetrical triangle with small resistance. Trendlines might still get broken slightly and price might consolidate a bit longer, most probably forming a bigger triangle.
Target: I used the height of the triangle to get a target of 0.37 USDT. Using a trailing SL could give you an even higher return with these higher lows. (Personally I trail 50% and sell 50% at my target.)
The long wick on April 18 was due to a liquidation. A liquidation occurs when people are overleveraging their margin in a market and suddendly they don't have enough margin left. Price only has to drop a little bit and their long positions get closed automatically with an opposing market (sell) order that gets executed immediately. (Margin Call) As a result price can drop very hard in a couple of minutes and this can create a snowball of liquidations following up on eachother if lots of people are overleveraged.
VET looks bullish against BTC as well:
What is VeChain? VeChain offers useful solutions for enterprises by enhancing their supply chain management and business processes via blockchain. The information is kept in distributed ledgers via so-called Distributed Ledger Technology. This is where VeChain initially began in 2018. Since then VeChain was renamed to VeChain Thor and moved forward to more general dApp solutions similar to Ethereum . With VeChain Thor you can solve a broad amount of problems like countering the production of counterfeit products or managing energy consumption. If you'd like to know more about VeChain Thor and its ecosystem checkout their website. Vechain recently got ranked 13th on CoinMarketCap and is on track for the top 10.
Did you know businesses worldwide lose $460 billion in revenue a year just because of counterfeited products? :o 14.1% of sales in the cosmetic industry in Europe are lost due to counterfeit products. (source)
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(Update) VET broke trendline short term, midterm we could see further consolidation. Current resistance at 0.22-0.23 price area and support at 0.19 price mark. If 0.19 breaks, next area of demand is at around 0.16.
@reza.hdi, I believe so yes! Ofcourse I can't see the future but here's what I think. Litecoin which is currently ranked 10 on CoinMarketCap only differs $2 billion in market cap with VeChain. If you look at the pace VeChain is growing vs Litecoin or Bitcoin Cash (ranked 9th) it can surpass them with ease in the future. VeChains network is also better on important aspects than those alternatives I just mentioned. For example: fees & transaction speed are way better on VeChain. Litecoin has 60 transactions per second (tps) while VeChain has 10,000 tps. Litecoin is up 120% YTD compared to VeChain which is up 1000% YTD.
reza.hdi
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@jonathanvn, Thank you for explaining to me. I apologize if you are upset because of my words without explanation. I don't agree with you but thanks a lot for sharing your idea. good luck.
jonathanvn
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No worries dude, I truly respect that. I was reading just before publishing this and might have slammed it all on you. Good luck to you too. 👍🏼
teilovellacott
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@jonathanvn, Would you reccomend VTHOR ? and also consolidating main profolio holdings into VeChain ? in your opinion (i know is not fin advice !) thank you
jonathanvn
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@teilovellacott, That's a great question! I see that VTHO is currently around 5% of VET in terms of market cap. I also understand that it's the gas used on Vechain and with each paid transaction, 70% of the gas fee is burned. All tokens are in circulation and so the token supply will decrease overtime. With VET, there's 74% of the supply in circulation making it 26% more to mine. So if the ecosystem and the community of VeChain increases, so grows the demand for VTHO.
In short: I believe it has potential longterm but you should always do your own research! Price action is very volatile in the beginning partly because it has a very low market cap. Overtime things like this will do well and return to its value when the ecosystem and its community grows. Price eventually grows to its true value. Always do your own research before entering a position! And good luck!