VeChain in 2021 Forbes Blockchain, Bullish Move In Sight?

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Up 150.3% over the past 14 days, VeChain (VET) trades at $0,23 with 15.6% and 84.4% profits in the daily and weekly chart, respectively. In addition to the rally, the company celebrated a major milestone that could give a new impulse to its corporate adoption.

VET with strong gains in the daily chart. Source: VETUSDT Tradingview

Via its Twitter handle, the VeChain Foundation announced VeChain was mentioned in 2021 Forbes Blockchain 50. Celebrated for its third year, this event was created to offer a “definitive accounting” of those companies using blockchain technology and cryptocurrencies.

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Forbes declares that Bitcoin and blockchain have gone mainstream in 2020. With a growing interest and use in many sectors, this technology has a real impact in the corporate world. Forbes said:

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Bitcoin and blockchain have gone mainstream. Bitcoin’s 2020 surge grabbed the attention of C-suite executives worldwide; not only are companies employing the technology underlying Bitcoin to perform tasks such as reconciling invoices and verifying product provenance, but dozens are now holding Bitcoin as a treasury asset.

The list includes software company MicroStrategy, led by Michael Saylor; Ant Group, founded by the former executive chairman of Alibaba Group; Binance, Coinbase, PayPal, Samsung, Square, and others. The VeChain Foundation said:

Blockchain is transforming the supply chain & traceability industries, eliminating inefficiencies. Thank you, Archana Sristy, for mentioning #VeChain in the 2021 Forbes Blockchain 50! We’re proud to power Walmart China’s Food Traceability Platform.

VeChain’s (VET) recent price action manipulated?

Trader Justin Bennet has been bullish on VeChain’s native token VET. However, he believes the 24-hour rally could have been caused by a “large Discord group”. Bennet classified the token’s rally as inorganic and said there was manipulation in yesterday’s price action. He added:

Stating that there was a coordinated VET pump on Friday takes nothing away from the fundamentals behind VeChain. Does VET deserve to be where it is?  Hell yes. I’ve said multiple times I think it’s going to $1 to $3 this year.

The Discord group Bennet referred has approximately 200,000 members and their alleged move converge with a high trading volume for VET in South Korea’s exchanges.

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On the other hand, trader VeChain Justin said VET is poised for a “parabolic move”. According to the chart he shared, VET has formed a “massive bullish Cup & Handle Pattern”. In addition to an increase in trading volume, this could send VET to a 377% rally. He added:

This aligns closely with 4.618 Fib extension. Expect consolidation in handle before liftoff. $VET target: $0.5008.

Source: VeChain Justin

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Author: Reynaldo Marquez


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