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- Vechain is currently traveling in a consolidated zone and breakout from it could result in higher levels.
- Vechain price is currently trailing at the value of $0.0418 with a gain of 10.63% in 24 hour time frame and -1.16% in a week
- VET/BTC pair is trading at the value of 0.0000009078 BTC with an intraday gain of 4.26%, above the 50MA resistance
The weekly chart of Vechain highlights a pale bullish momentum in today’s trading session. While the current price of VET is $0.0418, with the major resistance placed at $0.0510; meanwhile, major support is at $0.0351. The volume of VET is around the value of $415,360,286 with a loss of 4.29%. and market capitalization at $3,688,530,327, with a gain of 10.45%.
The use of VET in supply chain management has made it to reach the higher levels and attracted the big whales in it.
Vechain (VET) Majority of Holdings
Major Vechain coin holders, which have more than 12% percent of circulating supply, have seen a slight decrease in holding from last week.The decrease in the holding pattern suggests the decrease of trust in investors. Vechain is also gaining popularity in social media. An Investor should include other information while investing in Vechain.
Vechain (VET) Technical Analysis
Vechain price has made a high of $0.0427 with an intraday gain of 10.39% while a major resistance at $0.05 . Furthermore, Vechain price can retrace back to the demand zone, and on the upside, it can face the resistance at the supply zone before making any big move. VET price is trading above the 50 and 200 Exponential Moving Average. The 50 EMA blue line is at the value of $0.0367, making it temporary support. The coin is forming a bullish engulfing pattern, which showcases that the price can continue the uptrend.VET/BTC pair is currently near the temporary support level at 50EMA and can move either way.
RSI(Bullish): It is currently trading at the value of 51.44, showcasing its presence in the overbought zone. A positive slope is formed in the RSI, which highlights that the price can move further upwards.It has formed lower lows in a trend and is expected to go higher before retracing back to the trend line.The overall sentiment of RSI is bullish.
Conclusion
Vechain has gained popularity among investors due to its real-world application in supply chain management. The technical indicators are in favor of the coin.VET/BTC pair has broken the temporary resistance and can head to a new high in the upcoming trading sessions.
Technical Levels
Major Resistance:$0.05
Major Support:$0.035
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
