Vechain price analysis: VET prices consolidate around $0.04862 as bulls eye a breakout

Vechain price analysis
TL;DR Breakdown
  • Vechain price analysis is bullish
  • VET prices are facing resistance at the $0.0500 level
  • Firm support for VET prices has been established at the $0.04592
image 39
Cryptocurrencies prices heatmap, source: Coin360

Recent Vechain price analysis reveals a positive market sentiment that has been witnessed in the last 24 hours. VET prices are seen to have increased by 2.42 percent as the prices prepare for a potential breakout after a surge in prices over the last few hours. The prices have witnessed a strong rejection at the $0.0500 mark over the last few days as the bullish run is still intact. The bulls have been seen to be pushing the prices higher, with the resistance at $0.04800 acting as a major hurdle in the price action-overhead supply zone.

Vechain price action on a 1-day price chart: VET prices up by 2.42%, bullish run in play?

Vechain price action over the last 24 hours shows VET prices have been trading between a range of $0.04592 and $0.04984 and the prices are currently trading at $0.04834 at the moment of writing. The VET/USD pair has had a trading volume of $$259,962,644.06 and a market capitalization of 3.1 as buying pressure increases. The pair is now occupying 0.18 percent and ranking position 34 overall in the entire cryptocurrencies market. The bullish run is expected to stay in play in the next few hours before a potential breakout at the $0.05 level.

image 38
VET/USD 1-day price chart, source: TradingView

The technical indications on the 1-day price chart indicate a potential breakout in the prices as the Relative Strength Index is seen to be trading at 62.15 and the MACD lines are diverging away from the signal line. The Stochastic RSI, on the other hand, is seen to be making a move towards the overbought region, which indicates that the prices might see some consolidation in the near term. The price action currently indicates a bullish run in the near term.

Vechain price analysis on a 4-hour price chart: VET prices consolidate around the $0.05, breakout expected?

The Vechain price analysis on a 4-hour price chart shows increasing bullish momentum in the market as a potential breakout is expected at the $0.05 level soon. The prices are now facing resistance at the $0.04800 mark and support is seen to be strong at the $0.04592 level. The prices have been consolidating over the last 24 hours and the bullish run is expected to continue in the near term.

image 37
VET/USD 4-hour price chart, source: TradingView

The technical indicators on the 4-hour price chart support a move towards an upward breakout as the Relative Strength Index is seen to be trading at 57, which indicates that there might be some consolidation in the prices in the near term. The MACD lines are seen to be diverging away from the signal line, which is a bullish sign. The Stochastic RSI, on the other hand, is seen to be making a move towards the overbought region as buying pressure increases in the market.

Vechain price analysis conclusion

The Vechain price analysis gives an indication that there might be a potential breakout at the $0.05 level and that investors should stay on the sidelines until then. The prices are expected to see some consolidation before they make their way towards the upper trendline on the 1-hour price chart as a steep resistance. However, bears are likely to step in if the present buying pressure does not result in an immediate breakout.

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.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.I love content and creating features on the cryptocurrency.

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