Analyst: VeChain in the Process of Retesting Daily MA50, Last time It Occurred, VET Recorded Over 90% in About 1 Month

A pseudonymous crypto analyst and trader, known as NOЯDES on Twitter, has recently spotted a bullish signal for the future trend of VET, the native token of the leading enterprise blockchain platform, VeChain.

In a tweet a few hours ago, NOЯDES, a VeChain-dedicated analyst, stated that the digital token VET is currently in the process of retesting the MA50.

According to the trader, the last time this retest played out, the price of VeChain (VET) surged over 90% in about 1 month. For illustration, he captioned the chart of VeChain against USD (VET/USD).

NOЯDES tweeted, “In the process of retesting the Daily MA50. Last time a successful retest occurred, we recorded +90% in about 1 month. I personally have higher expectations for this wave 3, NFA.”

The analyst went further to state that VeChain (VET) seems to have re-entered the range after the breakout. According to NOЯDES, the trend will continue if the cryptocurrency retests the Daily Moving Average (MA) and keeps maintaining the $0.115 support level.

NOЯDES wrote, “Indeed, after the breakout, VET seems to have re-entered the range. 2 things: the continuation will depend on the Daily MA retest + the price doesn’t manage to close below $ 0.115, a crucial support, which is very positive because buying pressure.”

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over seven years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.