VeChain About to Retest Resistance of $0.01280 Amid Bullish Sentiment

  • VeChain is onto significant positive momentum as the price levels reclaimed the crucial mark of $0.120 on Thursday’s trading session.
  • The VET/BTC pair is also performing positive with a gain of 6.38% bringing the current level to 0.00000095 BTC 
vet
Source: Coinmarketcap

The weekly chart of VeChain highlights the sustainability maintained by the price levels above the major support of $0.0100. During the past couple of days, with the help of significant positive sentiment prevailing in the overall market conditions, the cryptoasset avoided downfall to critical support areas and also gained a bullish move to the price level of $0.1140. The CMP is placed at $0.012340 with a significant overall gain of 7.53%. The market capitalization is increased by 1.6% over the day and the 24-hour volume traded is also increased by 32.43% over the day.

Technical Levels Remains Bullish for VET

vet tech 1
Source: Tradingview

The technical chart reflects on the positive breakout made by the price levels of VET with the help of the ongoing bullish momentum. However, the resistance placed at 0.236fib level on the retracement table is currently giving a tough time to the bulls halting the positive rally. EMA-200 is currently acting as a support line with the level of $0.01201734. Any downfall below the support line can indicate the comeback of the bears. It must also be taken into consideration that price levels on the verge to break below the support line outside the ascending triangle pattern which can resist the negative trend for the price levels. The parabolic SAR is indicating a downside level of $0.01159691 concerning the current level. 

vet tech
Source: Tradingview

Looking at the indicators, the moving average convergence and divergence (MACD) had a bullish crossover and looking to provide more positive momentum to the cryptoasset. 

The relative strength index (RSI) is also trying to sustain the bullish levels after having an unsuccessful attempt to reach the overbought. The current level stands at 66.43. 

The directional movement index is also showcasing bullish nature as ADX(24.65) had a positive crossover with +DI(16.20)

Will VeChain Reclaim $0.0130 in Coming Market Sessions? 

The overall market conditions and technical levels are favoring the bulls. However, the major resistance level of $0.128 is prone to provide significant negative reversals to the coins on the past several occasions. At the same time, the current price levels are a little far away to test the resistance mark which can dilute the impact of bulls during the time testing. 

RESISTANCE LEVEL: $0.1280 & $0.1300

SUPPORT LEVEL: $0.01220 & $0.01200

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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