VET Price Analysis: Bulls rule the charts as VeChain keeps rising
•VET/USD is currently priced at $0.023 and has increased by 4.08% over the past day
•The trading volumes have increased by 10.54% over the past day
•The technical indicators suggest an uptrend on the horizon for the altcoin
Short Term View: VET bulls aim to ease the selling pressure
The VeChain price today is $0.023723 USD with a 24-hour trading volume of $74,392,279 USD. VeChain is up 4.08% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity at the current price levels whereas the Volume to Market Cap Ratio stands at 0.04332 for the altcoin.
VeChain reached its all time high of $0.2782 on Apr 17, 2021 but the altcoin wasn’t able to carry over the momentum into this year as it witnessed a series of corrections. The altcoin, however, is currently in the midst of an uptrend as it trades above the 20,50 SMA on the four hour chart. The upside resistance for the asset resides at $0.030 whereas the bears will try to push the altcoin below the support zone placed at $0.020 if they are to harbor any hopes of reclaiming the market. The next couple of days will prove crucial in altering the future course of the coin.
Long Term View for VeChain
After a few days of VeChain Coin cowering away, the green histograms have shown a spike which has been accompanied by an increase in buying activity. The MACD and signal lines, however, are still transacting in the negative territory and the asset needs a consolidated effort from the bulls in order to stage an uptrend. The RSI indicator, on the other hand, has spiked in recent days after having shown divergence from the 14-day average line. The RSI is currently transacting at 49.66 and is accelerating towards the halfway mark.
The technical indicators for VeChain point to a bullish momentum and the traders have prompted significant buying pressure. Hence, the prices are likely to increase over the coming days.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.