The VIDT Datalink (VIDT) price is breaking out from a resistance area that has been in place for nearly a year. The short-term price forecast is bullish.
VIDT DAO is an open-source platform. It enables verifiable trust by using timestamping technology.
The VIDT DAO ecosystem focuses on scalability and ease of use. Its main properties are transparency, immutability, and security. As a result, it is an ideal technology for timestamping.
The native token of the project is VIDT. It is mainly used in governance and data validation. As of Nov. 2022, VIDT has a total supply of 1,000,000,000. The current circulating supply is 77% of that.
Positive VIDT News Leads to Rally
On Nov. 18, Binance announced that users could purchase VIDT with major currencies using credit and debit cards. The ongoing VID price upward movement began shortly after the announcement.
Next, social interest for VIDT has increased significantly. The token reached 1.38 million social engagements on LunarCrush, according to the official Twitter account.
VIDT Price Reaches Crucial Resistance
The VIDT price has increased since May 12, when it was trading at a minimum price of $0.01. The entire movement may be contained inside a long-term ascending parallel channel.
Currently, the VIDT price is in the process of breaking out from the $0.068 resistance area. The rate of increase has significantly accelerated over the past 24 hours. If successful, the breakout would lead to an increase toward the next resistance at $0.12. This coincides with the resistance line of the channel.
The daily RSI is currently increasing and has just moved above 70. Since there is no bearish divergence, the upward movement may continue.
However, the wave count does not bode well for the future VIDT price. It seems that the increase is part of wave C in an A-B-C corrective structure. Giving waves A:C a 1:1 ratio means that VIDT is expected to reach a maximum price of $0.12. Therefore, the area could act as the top.
A daily close above the $0.12 resistance area and the channel’s resistance line would mean that the trend is bullish. In this case, the VIDT price prediction would be bullish, and a new all-time high for the future price is expected.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.