What Is VeChain and Why Did it Pump 65% This Month?

While the majority of crypto traders are discussing a variety of bullish and bearish perspectives on Bitcoin, many altcoins are jumping around and making significant moves.

VeChain breaks 200-Day exponential moving average for the first time since summer 2018For the first time since listing, VeChain managed to break the 200-day exponential moving average, as can be seen in the following chart.

It's not only moving above the 200-DMA and EMA, but it also broke a 14-month long downtrend.

The smaller timeframes give a clear view of VeChain's price action.

Similar price action is playing out across the altcoin marketOther altcoins across the field show similarities in the strengths of their price action.

Alongside the breakout, ZRX moved towards June 2019 levels, which led to a 170% increase since the bottom.

If it is going to show price action similar to ZRX and move back towards the June 2019 price levels, a continued move towards 0.0001500 - 0.0001900 is not off of the books.

A heavy move upwards from the local bottom at $0.003, slight consolidation, and eventual retracement of the range high of $0.006.

The price needs to continue to produce green candles to prevent it from creating bearish divergences, a usual top signal.

Given the strength of the altcoin and the volume behind the move, it's less likely to occur.