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Vechain price analysis: VET prices soar to $0.03106 after a bullish run

Vechain price analysis
TL;DR Breakdown
  • Vechain price analysis shows an uptrend
  • Vechain prices are facing resistance at $0.03245
  • VET/USD support is present at $0.02978

Vechain price analysis for today shows a bullish market with prices hitting a high of $0.0312. VET’s price is currently facing resistance at the $0.03245 mark and if prices can push through this, we could see an extension of the bullish rally to the $ 0.03400level. The price has continued to rise, and it’s now approaching the $0.03245 resistance. Vechain prices have been on a tear for the past few days but for now, the market sentiment appears to remain bullish for the next few hours.

The cryptocurrency has surged by over 1.76 percent in the last 24 hours as it looks to continue its upward. The market cap for VET is currently at $2,006,801,532.72, and the 24-hour trading volume is at $188,510,247.84.Vechain is currently dominating 0.16 percent of the cryptocurrency market as it ranks at position 34.

Vechain price analysis: VET/USD prices consolidate around $0.0312

The1 day timeframe shows that the VET/USD pair is in a strong uptrend. Prices have been on a constant rise since the start of the month and have made higher highs and higher lows. The price has found support at the $0.02978 level and has bounced off this level twice. This level is now acting as strong support for the pair. The MACD indicator is currently in the bullish zone, and the signal line is above the histogram, which indicates that the bulls are in control of the market. The RSI indicator is currently at 65.89 and is showing no signs of bearish divergence.

image 492
VET/USD 1-day price chart, source: TradingView

The VET/USD pair is currently trading at $0.03096 and is showing no signs of slowing down. The next level of resistance is at $0.03245, and if prices can break through this, we could see an extension of the bullish rally to the $ 0.03400 level. The 200-day moving average is currently at $0.02887 and is sloping upwards, which indicates that the long-term trend is bullish. The market volatility for VET has been on the rise over the past few days, and we could see some consolidation around the current levels in the next few hours.

VET/USD 4-hour price analysis: Bearish scenario

Vechain price analysis in the last 4-hour illustrates the bulls are currently in control. Prices have been on a constant rise since the start of the month and have made higher highs and higher lows. The price has found support at the $0.02978 level and has bounced off this level twice, which is now acting as strong support for the pair. If prices break below this level, we could see a sell-off to the $0.02800 level.

The MACD line is currently on the overbought section of the market, which indicates that the bulls might be losing control. The RSI indicator is currently at 65.89 and is showing no signs of bearish divergence. The VET/USD pair has been currently trading around $0.03096 and is showing no signs of slowing down. The next level of resistance is at $0.03245, and if prices can break through this, we could see an extension of the bullish rally to the $ 0.03400 level. The Bollinger bands on the 4-hour price chart are extremely wide, which indicates that the market is highly volatile.

image 490
VET/USD 4-hour price chart, source: TradingView

Vechain price analysis conclusion

Vechain price analysis shows that the market is in a strong uptrend, and prices are currently facing resistance at the $0.03245 level. If prices can break through this, we could see an extension of the bullish rally to the $0.03400 level in the next few hours. The market is likely to experience some buying pressure around the current levels. A move above the $0.034 level would invalidate this bearish scenario.

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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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