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VeChain Price Analysis: VeChain is in a consolidation phase on the daily chart after a period of bear dominance

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  • VeChain Coin Price is consolidating between $ 0.43 and $ 0.70 on the daily chart
  • The coin was in a bearish zone for the period between November and early February
  • The coin has seen good volumes over the last few hours and the MACD indicates bullishness
Chart of VeChain/USD by Trading View

VeChain Coin Price has broken out of the resistance trendline of the descending wedge pattern on the daily chart as can be seen in the exhibit. The coin is currently consolidating between the levels of $ 0.43 and $ 0.70. The coin looks to continue trading in the zone over the next few sessions. The coin has a strong, time-tested support at $ 0.56. The Moving Average Convergence Divergence (MACD) indicator indicates bullishness for the coin on the MACD chart. 

Chart of VeChain/USD by Trading View

Vechain Coin Price has been on a descending parallel channel on the hourly chart for the last few days. The coin made an attempt to break out of the resistance trendline yesterday, but failed to do so. The MACD indicator indicates that the coin is underbought and is hinting at a bullish reversal. The volumes today have been flowing in at a good level as the coin successfully tested the support trendline. The coin looks to trade in the channel for the next few trading hours before making any directional change.

ALSO READ: VeChain, Revolutionary Entrepreneurial Blockchain Explained: VeChain Price Prediction 2022

Conclusion:

The coin is in a bearish phase on the hourly chart, however the coin is also at the crucial long-term support. The MACD and volumes hint at a trend reversal for the coin.

Support: $ 0.43

Resistance: $ 0.70

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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