Vechain began the week on a positive foot as sentiments around Altcoins continue to improve. VET/USD upside run suggests resumption of a rise from $0.085.
Overall positive sentiment continues to drive the VET/USD markets amid the recent plunge at the end of the prior week. After few days of sharp losses, the Vechain is also on track for a positive close today reaching an intraday high of $0.0944. Stable support ensured that losses are contained after sinking to a pivotal level around $0.085 while the price turned north. The move could further seek to extend its rebound against the dollar today, climbing to around $0.10 level.
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VET Daily Chart: Bullish
The overall bias for VET/USD is bullish. VET shows returning upside pressure on the daily timeframe. The trend potential shows a sustained direction from south to north. But the relative strength index (RSI) indicated an impending pullback, as the price declined during the last downward impulse, and a divergence formed on the RSI.
If the price manages to sustain a foothold above the level at $0.0908 level, the pair may start a corrective rise to $0.1003 or higher. If sellers resurface, initial support may arise from the $0.0848-0.0739 section ahead of the key trough at $0.1003. If the price plunge lower, a zone of support could evolve from the moving average (MA 50) line at the $0.0606 levels.
VET 4-Hour Chart: Ranging
On the 4-hour time frame, price consolidation extends back above the moving average (MA 50) and breaks through the barrier at $0.0908, VET/USD is on track for an upside consolidation in the new week and would add to bullish signals. A bulls approach targets at $0.1005 (Mar 22 high) and psychological $0.1 level, a break of which would open the way for an upside run to a new all-time high.
However, the short-term relative strength index (RSI) is transmitting mixed signals in directional traction. On the downside, any dip will be bought while the price action stays within the channel (ascending support and resistance line). Overall, VET/USD’s short-term bias remains increasingly bullish above RSI 50 reading and the $0.0739 support base. However, a dip below $0.0739 could signal a boost in selling pressure.
Resistance Levels: $0.1100, $0.1000, $0.0908
Support levels: $0.0739, $0.0670, $0.0569
Image Credit; Tradingview
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