VIDT Datalink Breakout Analysis – VIDT Pumps +34% in a Single Day

By Malik Junaid December 29, 2020 In Crypto News, Market Analysis, Trading

The cryptocurrency VIDT Datalinkjust went up over +34% in a single day. Let’s take a quick look at VIDT price analysis and possible reasons for the recent breakout.

VIDT Datalink is a blockchain-powered data validation platform. VIDT Datalink enables organizations to protect their digital data against fraud and manipulation. A simple but strong formula, that adds and protects value at minimum expense and effort. Organizations like Nyenrode, AmSpec, and IBM use VIDT Datalink to certify and secure digital documents like certificates, invoices, diplomas, and sensor-data.

VIDT Quick Stats

SYMBOL:VIDT
Global rank:342
Market cap:$33,640,662 AUD
Current price:$0.6832 AUD
All-time high price:$1.61 AUD
1 day:+34.52%
7 day:+55.15%
1 year:+640.14%

VIDT Price Analysis

At the time of writing, VIDT is ranked 342nd cryptocurrency globally and the current price is $0.6832 AUD. This is a +55.15% increase since 22nd December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

In the past week, there was a strong rise in Bitcoin, Ethereum, and other Altcoins. As a result, VIDT also formed strong support near $0.4586 AUD before starting a fresh increase against the BTC/VIDT Pair.

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If we see the above 1-hour candle chart, VIDT is forming a Rising Wedge pattern and is now currently trading at $0.6832 AUD after a successful breakout today from a descending triangle pattern. The next resistance is on the $0.7925 AUD price levels which can be broken any time soon if VIDT keeps trading in the uptrend with strong buying volume.

“A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows and, A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.”

What do the Technical indicators say?

The  VIDT Datalink TradingView indicators (on the 1 day) mainly indicate VIDT as a sell, except the Oscillators which indicate VIDT as a Neutral.

So Why did VIDT Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up VIDT to their portfolio for the next Altcoins rally. It could also be contributed to some of the recent news of FTB Blockchain Solution.

Recent VIDT News & Events:

27 February 2020 – Amsterdam Networking Event

16 June 2020 – Bilaxy Listing

30 June 2020 – June Buyback & Burn

Where to Buy or Trade VIDT?

VIDT Datalink has the highest liquidity on Binance Exchange so that would help for trading VIDT/USDT or VIDT/BTC pairs. However, you can also buy VIDT from different exchanges listed on Coinmarketcap.

Malik Junaid
Author

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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