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VeChain Price Analysis: VET Bulls Barely Attempt to Close the Daily Price Candle Above 100 DMA 

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  • The VeChain coin seems to be extremely bullish as it continues moving for the past 3 weeks. 
  • Bulls barely attempt to close today’s price closing above the 100-day moving average.
  • Near 100 DMA, traders saw a drop in trading volume of 25% last night. 

The VeChain (VET) coin, which fluctuates close to the 100-day moving average, symbolizes the buyer’s participation in the market. It occurs as a result of VET coin building up in a market that is horizontally range-bound before rising.

Following a robust recovery, uncertainty is steadily declining while rising. At the time of writing, one Mark is currently being exchanged for one VET coin. However, compared to other altcoin trends, the altcoin high momentum rate of expansion seems to be slower.

On higher time frames like the daily and above, the altcoin price remains above the bears’ hedge zone – near the 2022 bottom. Price action forms a high-low formation during the daily price scale. Furthermore, VET bulls are aiming to move the asset price above the upcoming resistance area (red box).

The market cap of the VET coin is down 1.5% to $2.1 million according to CMC data for the last 24 hours. The 20-day upward move is below the current price. On the other hand, the bulls barely tried to close today’s closing price above the 100 day moving average in terms of the daily price scale.

Would You Buy VET Coins Near 100 DMA?

Over the daily price scale, RSI indicator is about to go heywire into the extremely overbought zone. The MACD indicator is rapidly moving higher into the positive region. 

Conclusion 

The Technical indicators suggest bullishness for the VeChain coin after it overcomes the range bound zone.  The 100 day moving average is the biggest challenge for bulls. If buyers close the daily price candle above this zone, they may see a new 90 day high in upcoming days. 

Resistance level- $0.030 and $0.0350

Support level- $0.0250 and $0.020

Disclaimer 

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

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