- VeChain price analysis is bullish for today as Bitcoin reclaims support at $48k.
- VeChain is currently below the resistance at $0.125.
- The price surged from support at $0.117 yesterday to $0.128.
VeChain price analysis today is mainly bullish as the price of the coin is currently at $0.122, and we expect it to surge as the market returns to bullish sentiment.
The market has been under a bearish drive for quite some time now. Traders feared if Bitcoin would drop down to support levels at $40k, but that didn’t happen. It is a pre-written rule for all the altcoins to show a similar trend in their price movement as Bitcoin.
For today, Bitcoin is trading at $48.5k as altcoins have performed fairly well today. One of the best-rising coins today is Solana (SOL) which is currently trading at a price of $94.
This has been a fantastic few weeks for Solana as the coin has skyrocketed, showing no signs of stopping anytime soon. Along with SOL, LUNA, ADA, and many other coins have performed well in the past weeks.
VeChain price analysis on the 4-hour chart: technical indicators are bullish
It is important to figure out what the technical indicators have to say to predict the price movement of any cryptocurrency for a specific day. The technical indicators that traders widely use include the RSI indicator, the MACD indicator, the position of the Moving Averages, and the Bollinger Bands. We will be covering the following indicators in the charts below.
The RSI emerged from 40, reached 58, and then dropped to 50, as we can see in the chart above. This means that it is a good entry point for buying since the price movement will be upwards from hereon. There are chances of the price movement forming a positive gradient on the RSI.
The MACD indicator also flashes green after seven long days. Since 21st August, the MACD has seen a bearish divergence. But yesterday, we saw the MACD line (blue line) cross over the signal line (orange line), resulting in a bullish crossover. Since then, the histogram has been flashing green, and we can expect more green candles in the future.
In the current VeChain price analysis, we can see that the price is moving upwards in the Bollinger Bands, and it seems that we might see the price movement break out of the upper end.
After breaking out from the lower end the day before, we have seen VET/USDT retrace the surge in price that it saw earlier. Currently, it is clear that this retracement is over as Bitcoin has also regained support at $48k, and VeChain is looking to break the resistance at $0.124.
Our VeChain price analysis captured the 50-day and 100-day Moving Averages but failed to maintain price action above the Moving Averages. Therefore, for today, VET will try to capture them, planning to break the resistance as well.
VeChain price analysis: Conclusion
A direct conclusion can be drawn using the charts above that VeChain will remain bullish for today, and if Bitcoin continues to surge in price and maintain the current support at $48k, we might see green engulfing candles for today in the entire market. For the long-term, you can see our long-term price prediction for VeChain and decide if it is the next 10x coin that you’ve been looking for.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.