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VET Price Analysis: VeChain Coin price action suggests the bearish blanket being lifted off of the investors 

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•VET/USD is currently priced at $0.033 and has increased by 2.69% over the past day 

•The technical indicators suggest a hawkish outlook for the near term 

•The trading volumes have increased by 17.20% over the past day

Short Term View: VeChain bulls come to save the day

Source: VET/USD by TradingView 

The VeChain price today is $0.033228 USD with a 24-hour trading volume of $237,659,877 USD. VeChain is up 2.69% in the last 24 hours. The trading volumes increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.1112 for the altcoin. 

VeChain price has closed slightly in the green today. However, as long as technical levels remain the same, there is a chance that the VeChain price would plunge towards the support placed at $0.028. Similarly, bulls rallying to take the asset’s price towards the resistance placed at $0.042 would be key to the bulls as it would provide an incentive for them to stage the next rally towards the resistance level placed further away at $0.050. The altcoin is currently transacting below the 20,50 SMA on the four-hour chart, suggesting a downtrend at play in the market. VeChain Coin is trading significantly below its all-time high of $0.2782 which is clocked on Apr 17, 2021.

Long Term View for VeChain Price 

Source: VET/USD by TradingView 

The technical indicators for VeChain Coin are showing seeds of positive growth brewing in the asset as the RSI is currently transacting at 45.30, thus giving off a neutral signal. The green histograms are steadily gaining traction on the daily MACD chart as Vechain Coin looks to reclaim its pre-crash levels prices. The MACD and signal lines are also moving ahead towards the zero line with a vigor which bodes well for the future prospects of VeChain Coin.

Conclusion 

The VeChain Coin bulls have been grappling with the bears and will certainly want reclamation of the resistance level to establish a higher high and change the market structure on the larger time frame charts.

Support: $0.028-$0.020

Resistance: $0.042-$0.050

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

ALSO READ: Why does Morgan Stanley think that the rally in the crypto market would be for a short time?

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