VeChain Bullish Engulfing Candle Shows Lows are Possible in?
VeChain (VET) supporters may have a reason to smile as the year ends. The bullish engulfing candle shows that Vechain may have finally hit its expected low. What waits is the climb that many traders are hoping.
A lot has been going on lately, so there was no point charting $vet, as literally anything could happen.
— 🄲🅁🅈🄿🅃🄾 🄺🄴🄽🄽🅈 ♛ Ⓥ (@Crypt0_kenny) December 18, 2019
VeChain on a Tear This Past Quarter
For the better part of 2019’s final quarter, Vechain has been trading within a very narrow range, which suggested accumulation.
A quick rise then followed as Vechain registered growth covering some of the losses it had realized in 2019.
Vechain’s price then started a downward trend, falling daily in narrow margins. This went on into Nov, a trading period that showed the asset maintaining its close range with the potential of hitting a low.
Now, Vechain may be on the verge of a successful bullish campaign.
Taking Advantage of Favorable Situations
The platform recently took advantage of the conducive atmosphere President Xi created for blockchain in China.
Vechain recently partnered with Anhui Tea Industry Association, a move that will see the Vechain accelerate the development of the tea industry in China using its blockchain technology. The partnership is among many that Vechain has undertaken in 2019.
The move will likely expose the platform to more enterprises who may be interested in blockchain adoption for their respective industries.
Vechain’s partnerships in 2019 justify the bullish predictions forwarded by various analysts. The bullish engulfing candle highlighted further strengthens speculations on a potential upward trend for the cryptocurrency.
Featured Image Source: VeChain Twitter
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com