VECHAIN PRICE ANALYSIS: VET Coin Again Retracing Back To 52 Week high of $0.3505

  • VET Coin finally projects positive retracement after an enormous fall from $0.03505
  • VET coin price today is $0.03098; with a loss of 1.18% in the last 24 hours and 10.06% down from last week
  • The VET/BTC pair performs negative with an overall loss of 3.8%, gravitating the present level to 0.0000009291 BTC
Source: Trading view

After making an 52 week high of $0.03505 on January 20, 2021, the Coin Price projects a retracement. The VET/BTC pair is currently trading below the  resistance of 0.000000935 and marked bearish momentum with a down in value of 3.8%.It is now heading to next support zone .

Vechain Technical Analysis

The weekly technical chart of VET highlights the ‘Bulls on Hunt’ in today’s trading session. The VET coin current Price is $0.03090; with a resistance of $0.03505, and support of $0.0262. The price is above  50 days Exponential Moving Average (EMA). The 50-EMA red line at $0.02356 making a temporary support. As VET coin price has made a bullish engulfing pattern in the last trading session, a further upward correction can be anticipated. The volume of VET has seen a loss of 2.49% and the market capitalization down by 1.71%.

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MACD (Bearish): The levels showcase a positive crossover signal in the previous trading session. The MACD indicator reflects bullish momentum in coin; which made VET coin price surge.Though, a slight correction in the coin price can be anticipated because the signal  and average line started tangling.

RSI (Bullish ): It is trading with a value of 57.56; indicates that the coin is bullish. An upward slope observed in the RSI Index showcasing VET coin price may go up in the next few trading days.

Source: Trading view

CONCLUSION

VET  showcases a bullish momentum and reached 52 week  high on 20 Jan 2021. Furthermore, VET/BTC pair is in a consolidation zone and can start the bearish momentum soon .Investors should be careful while investing as it can retrace back to its lower levels.

TECHNICAL Levels:

Major Support:$0.03505

Major Resistance:$0.02602

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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