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Vechain price analysis: VET recovers to $0.055 as bullish impulse returns

Vechain price analysis VET recovers to as bullish impulse returns

TL;DR Breakdown

  • Vechain price analysis is bullish.
  • Price has heightened up to $0.055.
  • Support is stable at the $0.053 level.

The latest Vechain price analysis is bullish as it shows that the price has undergone revival once again. The green candlesticks reappeared on the daily chart. The price experienced a constant downfall in the prior weeks as a downtrend was at its peak. Nevertheless, the bullish momentum has been reinstated today, and the price has been able to rejoin its former level, i.e., $0.055. The price might top its current position in the upcoming hours as well.

VET/USD 1-day price chart: Bullish trend uplifts coin value up to $0.117 high

The one-day Vechain price analysis is confirming an upturn in price as the bulls have been able to find their way to recovery. The VET/USD value has been revived once again as the coin is trading at $0.055 at the time of writing, gaining 2.26 percent value during the last 24 hours. The bears had been leading the market in the previous weeks, but now the bullish momentum is resurging as the crypto pair is reporting an increase in value of over 4.01 percent over the past week as well. However, despite the bullish activity observed today, the trading volume is still down by 4.88 percent.

Vechain price analysis: VET recovers to $0.055 as bullish impulse returns 1
VET/USD 1-day price chart. Source: TradingView

The moving average indicator (MA) is showing its value at $0.053 below the price level in the one-day price chart. A crossover between SMA 20 and SMA 50 is also expected if the bullish trend continues for another day or two; as of now, the SMA 20 curve is trading below the SMA 50 curve due to the constant downtrend previously. The volatility is also high, with the upper Bollinger band present at the $0.083 mark, whereas the lower Bollinger band is present at the $0.040 mark. The Relative Strength Index (RSI) indicator is also showing an increase up to index 35 after recovering from the undersold region.

Vechain price analysis: Recent developments and further technical indications

The four hours Vechain price analysis confirms that a bullish trend has been following for the last 32 hours. The trending line is moving ascendingly as the price has constantly been rising for the past few hours. The price has been able to overcome the resistance present at $0.054 as well and is currently settling at $0.055. Moving on, the moving average value in the four hours price chart stands at $0.053.

Vechain price analysis: VET recovers to $0.055 as bullish impulse returns 2
VET/USD 4-hours price chart. Source: TradingView

A crossover between the SMA 20 and SMA 50 has also been recorded during the last six hours, which is a bullish indication. The Bollinger bands indicator is dictating an average of $0.053. Whereas its upper value is resting at $0.056 position and the lower value is at 0.051 position. The RSI score has improved up to index 59 as well because of the persistent flight of the VET/USD price function.

Vechain price analysis conclusion

The one-day and four hours Vechain price analysis is showing signs of bullish recovery as the price heightened up to $0.055 in the last 24 hours after for the first time after a week-long consolidation. The price underwent a constant decline in the previous weeks, but now it is back on track after the bullish momentum was revived. The price will pursue further heights in the upcoming hours as well, which is quite encouraging news for the buyers.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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