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- VeChain Coin is showing a V-shaped recovery on the daily price scale.
- The VET is looking bullish above the red moving lines of the EMA Ribbon indicator.
- The bitcoin-related VET coin is up 2% at 0.00000135 satoshis.
The VeChain (VET) token will break the next resistance zone. VET coin accumulation above 90-day low has turned into an important hedge area for the bulls. Buyers have a great opportunity to push the altcoin price above this resistance level.
At the time of writing, the VET token is trading at 0.0315. A bullish trend in price action can be seen as daily price candles draw 9 strong bullish candles with a single red candle over the past 10 days. Amidst the uptrend, buyers pushed the asset price above the $0.0300 round level, which has turned support.
The VET crypto is trading near the bear’s hedge zone (RedBox) and the bulls may break this bullish barrier soon. Meanwhile, the market cap of VET coins has risen by 2.5% to $2.29 billion in the past 24 hours against USDT. Furthermore, the bitcoin-related VET coin is up 2% at 0.00000135 satoshis.
In terms of the daily price scale, the altcoin is speculating above all the red moving lines of the EMA Ribbon indicator. Although buyers are looking aggressive, the recent resistance could help the bears pull back. Trading volume fell 13% to $123 million in the last 24 hours. But the On Balance Volume (OBV) indicator shows increasing volatility in VET coins.
Buyers May See a Pullback Near Resistance Zone
Stoch RSI remains in overbought territory on the daily price scale. At the same time, MACD is moving higher in the positive zone.
conclusion
The VeChain (VET) coin is about to move into the bear’s defense zone amid a bullish trend. Technical indicators suggest bullish momentum for the VET coin but near the bullish barrier, buyers may see a pullback.
Support levels- $0.030 and $0.020
Resistance levels- $0.35 and $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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
