Vechain price analysis: Bullish rally drives VET prices to $0.05984

VET

TL;DR Breakdown

  • Vechain price analysis is bullish
  • Vechain prices are facing resistance at $0.06013
  • VET prices have increased by 6.95 percent
Vechain price analysis: Bullish rally drives VET prices to $0.05984 1
Cryptocurrencies prices heatmap, source: Coin360

Vechain price analysis for today shows a bullish market with prices hitting a high of $0.05984. VET’s price is currently facing resistance at the $0.06013 mark and if prices can push through this, we could see an extension of the bullish rally to the $0.06500 level. The price has continued to rise, and it’s now approaching the $0.0600 mark for the first time in a few days. However, the market has been on a tear in previous days but today the prices have surged by 6.95 percent, ranking position 34 overall.

Vechain price movement in the last 24 hours: Bulls continue pushing VET prices higher

Vechain price analysis on the 1-day price chart shows the market has been on a tear these past few days as VET prices surged by 6.95 percent. The digital asset is currently trading at $0.05984 and is up from its daily low of $0.05714. Prices have managed to push higher despite the bearish correction that took place in the market yesterday. The current buying action has had an effect on the increasing market volatility as the Bollinger bands are widening as prices trade between a range of $0.05568 to $0.06013 in the last 24 hours.

Vechain price analysis: Bullish rally drives VET prices to $0.05984 2
VET/USD 1-day price chart, source: TradingView

The technical indicators on the 1-day price chart show an increase in bullish momentum as the MACD line is above the signal line and is gaining traction. The RSI for VET/USD is trading at 63.85 which indicates that the market has room to move higher before it becomes overbought while the EMAs are fanned out in a bullish formation.

What to expect from VET prices: Bullish market looks to extend gains

The digital asset looks set to continue its run higher as the technical indicators on the 4-hour timeframe show that the market is still in bullish territory. The MACD line has crossed above the signal line while the RSI for VET/USD is trading at 62.77 which indicates that there is still room for prices to move higher in the market. The digital asset looks set to test the $0.06013 resistance level as prices continue to push higher.

Vechain price action on a 4-hour price chart: VET prices near the $0.06013 resistance

Vechain price analysis on a 4-hour price chart shows the prices have been escalating in a steady manner and are now facing the $0.06013 resistance. If the market can push through this level, we could see an extension of the bullish rally to the $0.06500 level as prices continue to move higher in the market. Traders should lookout for a breakout above the $0.06013 resistance level to identify further upside potential in the market while a break below the $0.05714 support level could signal a shift in momentum in favor of the bears.

Vechain price analysis: Bullish rally drives VET prices to $0.05984 3
VET/USD 4-hour price chart, source: TradingView

The MACD line is currently seen to be gaining traction as it crosses above the signal line while the RSI is trading at 62.77 which indicates that there is still room for prices to move higher in the market. The digital asset looks set to test the $0.06013 resistance level as prices continue to push higher. The market volatility is likely to continue to increase as prices move between the $0.05568 to $0.06013 range in the last 24 hours as the Bollinger bands indicate.

Vechain price analysis conclusion

Vechain price analysis for today is showing a positive market sentiment after prices surged by 6.95 percent in the last 24 hours. The digital asset looks set to continue its run higher as the technical indicators on the 4-hour and 1-day timeframe show that the market is still in bullish territory. The bulls are currently facing resistance at the $0.06013 level and a breakout above this level could see prices move higher to test the $0.06500 level. On the other hand, if prices fail to break through this level, we could see a retracement back to the $0.05714 support level as prices consolidate in the market.

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

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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