- VeChain price analysis is bullish today.
- The next resistance for VET/USD is present at $0.122.
- Support is found at $0.110.
The VET/USD price function is strongly bullish as per VeChain price analysis. The price break-up was upwards at the start of today’s session, and the VET/USD pair price covered a range of $0.109 to $0.114. The bullish momentum is quite strong as the VET price moved past the resistance of $0.112 in a swift move, followed by another breach of resistance of $0.113. Now VET bulls are aiming for further highs.
Overall VET/USD pair gained a value of more than six percent during the last 24 hours and has gained a value of around 30 percent over the course of the last seven days. The trading volume is also up by 16 percent.
VET/USD 1-day price chart: Bulls eyes $0.122 resistance next as a retest
The 1-day price chart for VeChain price analysis shows an increase in price has been observed, and VET covered the losses of the last two days when bears devalued the price. Bulls are trying to maintain the short-term upwards price trend line, as the price rose back to the psychological limit of $1 during the past week, after a continuous bearish downtrend for the entire last month.
The Bollinger bands show a slight convergence due to the bearish trend of the last two days, but today’s bullish momentum might help to stop the convergence as the price is near the upper band and the mean average line is below the price level; this will help in slowing down the dropping volatility and provide a broader channel for the price function.
The relative strength index (RSI) is at 55 index in the upper half of the neutral zone. Though the indicator is neutral, it suggests an increase in the buying activity of VET assets as the RSI slope is upwards, indicating buyers’ interest and increasing bullish element in the cryptocurrency.
The MACD oscillator indicator is bullish currently and shows increasing bullish momentum as the histogram’s bars are increasing in size every day after the bullish crossover observed on 1st October. As the price showed a good recovery today, after going through a loss for two consecutive days, the color of the histogram is still dark green.
VeChain price analysis: Recent developments and further technical indications
The 4-hour price chart for VeChain price analysis shows an increment in price up till $0.114, but selling pressure seems to be present above this level, as the bearish hindrance can be noted from the last red candlestick appearing on the 4-hours chart, suggesting exhaustion from the buying side above the current level.
A hopeful indication is the slight upwards curve the Bollinger bands are taking, after a sharp convergence of yesterday, which limited the volatility for the coin to a large extent. The upward breakout will provide some room for the upwards price function in the coming hours, thus helping the bulls proceed in their efforts of overcoming the selling pressure. The RSI has moved up to 61 index on the hourly charts, showing support from buyers still at hand.
The moving average (MA) is also below the price level at the $0.109 mark, supporting the bullish momentum. The short-term and mid-term MA10, MA20 and MA30, all support the bullish trend and show signs of buying VET/USD assets. The exponential moving averages EMA10, EMA20, and EMA30, also support the bullish side of the market.
The oscillators show a propensity towards the bullish side, with two oscillators indicating buying signs and none showing a selling sign, while most of the oscillators are standing neutral and don’t support any side of the market.
VeChain price analysis: Conclusion
The VeChain price analysis suggests the VET/USD pair is facing the selling pressure above the current price level, but the market sentiment is positive towards the coin, and the bullish momentum is strong. Moreover, the short-term technical indications also support the bullish trend. It is expected that the VET/USD pair price will rise further in the coming hours, but the resistance of $0.122 seems too far and might not go through a retest. VET/USD price is expected to reach $0.116 in the coming hours.
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