VeChain (VET), the price in full rally
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VeChain (VET), the price in full rally

By Federico Izzi - 14 Nov 2019

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A day where the red sign prevails. The uncertainties continue, with the negative sign prevailing for more than 65% of cryptocurrencies. Among the exceptions, there is VeChain (VET), with the price continuing its upward phase.

However, there are no particular and worrying decreases, apart from Aurora (AOA), which after having scored an excellent rise two days ago, being the best last Tuesday, now loses more than 25% with a retreat that nullifies most of the recent rise. 

The first three cryptocurrencies, Bitcoin, Ethereum and Ripple are below par, losing about 1%. Bitcoin returns to test the 8,600 dollars, also Ripple falls and touches the 27 cents of the dollar.

Among the big ones, there is the decrease of Bitcoin Cash (BCH), which, like Stellar (XLM), TRON (TRX) and Cosmos (ATOM), loses 2%. Among the top 20, these are the most pronounced declines of the day.

Particularly noticeable is the drop of Bitcoin Cash (BCH), less than 24 hours from the expected fork. In the last few days, BCH has failed five times to reach over 300 dollars. Today it is standing at 270 dollars, a level already held for two months before the September lunge as it was a strong level of support, which is now being confirmed. It will be crucial to keep this level in order not to risk going back to the test threshold of 240-250 dollars. Upwards, Bitcoin Cash must decisively and forcefully exceed the threshold of 300 dollars.

The best of the day is UNI Coin (UNI), which with a leap of more than 50% over 24 hours, enters the top 100 and conquers the 96th position in the ranking.

The price of VeChain (VET) flies

Among the best, VeChain (VET) stands out, which, like Basic Attention Token (BAT), achieves a rise of more than 7%. VeChain, a project with a team and headquarters in China, is experiencing a strong upward trend with a rally of about 150% in 20 days. VeChain returns to the threshold of $0.0071, levels abandoned at the beginning of July.

VET also benefits from the news that has been released in recent hours by the VeChain Foundation, which announced that its platform has been officially authorised by the Chinese government, namely by the county of Shuangjiang, which has authorised the use of VeChain for the traceability of tea production in Yunnan, Yunnan Pu’er region. This is a news that in the last hours has provided a further boost to VeChain, which therefore sets new records in the last 5 months, going beyond the 7 thousandths of the US dollar, reaching an increase of 150% from the lows of the year touched on October 24th, and over 80% since the beginning of the month. It is a strong upward trend that emerges more and more and, as pointed out in recent days, also benefits from this total opening of the Chinese government, now made official precisely by the use of the blockchain 

Despite the difficulties, in particular of the first 5, the market cap continues to remain around 240 billion dollars. The bitcoin dominance slightly suffers at 66%, while Ethereum remains close to 8.5% and Ripple still loses decimals, moving further away by a few decimal places below 5%.

Bitcoin (BTC)

Bitcoin returns to test the $8,600, the lowest level of the last 20 days and tries to build from where to eventually consolidate and restart the rise. For bitcoin, it is necessary to recover as soon as possible the 9,300 dollars because if this does not happen, there are more and more possibilities that a break of the 8,600 dollars can push down the prices to test the threshold of 8000 dollars.

Ethereum (ETH)

Ethereum goes back down. The weakness of today does in no way affect the laterality that is now characterising the lateral phase affecting Ethereum for over 1 month, with precisely these fluctuations in the area 185 dollars and a contraction of volatility that becomes increasingly dangerous and which anticipates a possible strong directional movement in the coming days. 

For Ethereum the previous indications remain still valid. To the rise, it is necessary to push over the 195 – 200 dollars while instead to the decline, it is necessary not to lose quota 165 dollars.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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