Two altcoins are on the rise following a sudden listing announcement by Coinbase, the largest US crypto exchange. VeChain gained 13 percent following the listing announcement. Crypto analyst Valdrin Tahiri says this confirms the double-bottom bull formation. Meanwhile, VeThor, the token associated with VeChain, also entered Coinbase’s list. Following this development, VTHO exploded.
These 2 altcoins took flight with the Coinbase listing!
In a new announcement, Coinbase announced that the exchange has listed its blockchain-based supply chain project VeChain (VET) and its associated token VeThor (VTHO) for trading. VET rose from a weekly low of $0.0146 to $0.0165, a 13% increase, within hours of Coinbase’s announcement. The altcoin is trading at $0.01668 at the time of writing.
VeThor also rose from Monday’s low of $0.000857 to Wednesday’s high of $0.001516. In this move, the altcoin increased by approximately 62%. The token is trading at $0.001503 at the time of this writing.
VET price prediction: Will a double bottom occur?
Crypto analyst Valdrin Tahiri is trying to determine the next course of VET. On September 12, Coinbase announced that it would add support for VeChain and VeThor starting the next day. As you follow from Kriptokoin.com, this announcement caused a 13% altcoin price increase. More importantly, it confirmed a double bottom pattern (green icons) based on the price on August 17th. A double bottom is considered bullish and often leads to upward moves.
This formation becomes even more meaningful when RSI is taken into account. The indicator created a significant bullish divergence during the bottoms (green line). This is a bullish development in which an increase in momentum is accompanied by a price decline. As with VET, it often leads to sharp upward movements. To confirm the formation, the altcoin price must break the descending resistance line that has been in place since early July. This line also coincides with the horizontal area at $0.016. Therefore, if it breaks above this line, it will confirm that it has returned to a bull trend.
VET Daily Chart. Source: TradingViewTherefore, the future VET prediction will be determined by whether the price reclaims the $0.016 level or is rejected. If the price is pulled back, an 85% increase is possible. However, if the price is rejected, a 35% drop is likely. Meanwhile, at press time, the altcoin price is trading above the $0.016 level noted by the analyst.
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