VeChain Price Analysis: VET/USD pair is bullish for the next 24 hours

Fantom price analysis

TL;DR Breakdown

  • The price has heightened to $0.171.
  • VeChain price analysis confirms bullish trend.
  • VET/USD is currently trading at $0.1553.

The VeChain price is presently seeing a bullish price movement, according to the most recent VeChain price analysis. For the past several weeks, green candlesticks have dominated the price charts, with unavoidable bearish disruptions. The price is nearing the resistance level at $0.182, and it is expected to surpass it in the coming weeks. Once again, because of its rise, the value has returned to its previous peak of $0.171.

VET/USD price movement in the last 24 hours: Price rises past $0.17

The price of VeChain is on the rise again, as cryptocurrency has followed an upward trend today. The bulls are once again striking back to reclaim their leading position on the price charts. So far, their efforts have been effective, with the cost increasing to $0.171 during the last 24 hours. The price now exceeds its moving average (MA) value, i.e., $0.165 per token.

The enhanced volatility suggests that the following days will not bring good news. The upper and lower Bollinger Bands Indicator’s values have risen as well, with the upper Bollinger band value now at $0.182, compared to $0.120 previously. As a result of the bullish trend, the Relative Strength Index (RSI) score has increased from 64.65 to 64.74. VET/USD price movement in the last 7 days.

Today’s trading session has been active for the VeChain digital currency, as it saw a constant increase. The recent seven days have brought more green candlesticks than red ones, once again supporting the upward trend that is seemingly making its way back to its earlier levels. The price rose above the SMA 50 line, where it has remained in the last hours. However, the moving average is still acting as resistance -at least for now- against further upwards movements, preventing further growth.

The RSI Forecast values also suggest that there will be more positive sessions in the coming times. They have moved from 48 to 58, which means that the VeChain digital currency has strong bullish momentum with oversold conditions present on all timeframes when looking at both charts.

The past thirties have been profitable for VeChain investors since this cryptocurrency demonstrated a sustained bullish trend almost 3 weeks ago. Of course, this comes with its fair share of fluctuations, but the overall trend has been bullish during this period. The price has risen from $0.106 to its highest value in over 4 months, which is quite impressive even though there have been several bearish periods that have pushed the price southwards by making it lose almost half of its gains.

VeChain four price analysis: Reversals in trends were anticipated as the price plunged to $0.17

The four-hour VeChain price analysis indicates an unexpected drop in price in the previous few hours. The market experts had not anticipated a rise during a bullish swing, which has occurred.

VeChain Price Analysis: VET/USD pair is bullish for the next 24 hours 1
VET/USD 4-hours price chart. Source: TradingView

The price had previously crossed above the SMA 20/SMA 50 intersection, but it has been retracted. Volatility is rising, with the upper Bollinger band now brushing against $0.171 and the lower Bollinger band touching $0.151. The RSI score is high, at 61.05, indicating that the bulls are now in control, pushing the price northwards.

The most recent one-hour chart shows that the price is rising fast and has already passed above its SMA 20 and SMA 50 lines. The RSI score indicates an overbought condition; however, the Bollinger Bands are close together, suggesting that volatility will remain high.

VeChain Price Analysis: Conclusion

The VET/USD pair has gained more than 6% in value since the start of the year, with a significant increase in demand. Green candlesticks are currently taking over the price chart, which is an indication of an increasing trend. The price has shot up to $0.171 in recent hours, suggesting that it may rise further. Despite this fact, our technical analysis indicates that the price may form a peak at $0.18 before falling southwards once again during another bearish swing.

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.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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