VeChain (VET) is now undergoing some promising developments.

VeChain, like any blockchain-based enterprise, is currently experiencing some exciting developments. According to the official VeChain Twitter account, things were not easy in October but the team was happy with the VeChain project’s progress so far.

Vechain.energy is a web2/web3 community that aims to link them. Developers recently stated on Medium that the bridge “felt complete, bumpy but complete” in the month of October.

While the most up-to-date information can be found in the blog post, a snapshot connected to their Twitter tweet demonstrates the project’s steady development. This is good news for the project.

Unique cryptocurrency is often released with new projects. The value of VET, VeChain’s native currency, has increased dramatically after the crypto market meltdown this year. Based on CoinGecko figures, Wednesday saw a 10% week-end gain.

It remains to be seen if VET can maintain its upwards trajectory.

VET rally could be temporary

Although VeChain’s positive developments have contributed to the price rise, we should also note that most of the top 30 cryptocurrency coins are seeing their prices increase.

However, VET’s rally may be temporary. Flag and pole patterns are evident based on past and current price fluctuations. This marks the third consecutive breaking of a bearish trend, and will put downward pressure on the token.

TradingView

The market capitalization of an entity is the place where you can see growth. According to LunarCrush, VET’s market capitalization increased by over 8%. This growth is offset by approximately 2% decrease in TVL.

The coin also has contradictory RSIs, Stoch RSIs, and CMF prices, which are bullish RSIs and CMF value, respectively, while bearish Stoch RSIs values.

Which are the Bearish Trends in VET?

These bearish charts changes have been supported by the near bearish convergence of the EMA Ribbon. VET may find this to be an issue, since it could lead to a bearish break of the existing flag and pole structures.

VET’s current trading pattern could be broken by a bearish trader, and the price may fall to the 100 Fibonacci level of its retracement.

Potential VET investors need to be cautious about long-term positions. They might also consider using the negative Stoch RSI and shorting at current market prices.

VET market capital at $1.70 Billion on daily chart| Featured image from Zipmex, Chart: TradingView.com

Disclaimer: This analysis should be understood as an individual's understanding of crypto market. It is not intended to replace investment advice.

Get more Crypto News at CFX Magazine