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VETUSD: VeChain up 85% in seven days; Is there more to come?

In case you didn’t notice, VETUSD (VeChain) had a breakout weekend and is up 85% in the last seven days alone.

And when I measure myself against the breakout of the wedge pattern I wrote about on July 1st, VETUSD is up 90% in just five days.

VETUSD 4 hour timeframe

I first wrote about VeChain on June 26th when VETUSD was trading at 0.0088.

Fast forward to today and you can see the market has broken above 0.0085 weekly and monthly.

Vocational training also cleared 0.0106 which I discussed in Sunday’s video.

Will VeChains bull run over?

Not hard.

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I tried to make it clear that I am investing in VeChain and not trading it.

The same goes for Bitcoin and Ethereum.

Sure, an 85% gain on VET in seven days is impressive, but I think the next year or two will make that seem insignificant.

Screenshot from coingecko.com

The picture above shows that VeChain is number 1 in terms of seven days of profit from thousands of coins.

What can be seen for a short time is that VETUSD broke out of a second wedge pattern a few hours ago.

I posted this pattern on Twitter 24 hours ago …

$ VET here we go again …

Wind up in 1 hour with volume taper (a good sign).

Next stop: 0.02 # VeChain #VET #VeFam pic.twitter.com/Ujyk0HjyVv

– Justin Bennett (@JustinBennettFX) July 6, 2020

We saw an increase in volume after this breakout, but now we need to see the follow-through.

As long as the 0.0142 area serves as support, the recent high near 0.0170 will be exposed.

In addition, we have the 0.02 handle.

As a side note, since I wrote this post, VeChain is up another 7%, but I still believe prices are low given the strong fundamentals here.

The world is also starting to become aware of VeChain …

Google searches for “vechain”

According to Google Trends, the search term “vechain” rose 500% in July alone.

The increase in attention is not unfounded.

Given the promising fundamentals, cheap tech specs, and the breakout in the cryptocurrency market, I expect this trend to continue.

Disclaimer: I have a position in VeChain (VETUSD). The information in this post is for educational purposes only and is not intended to provide financial advice.

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VETUSD VeChain diagram with a break out of the wedge patternVETUSD 1 hour timeframe

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