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- Vechain price is trying to escape the consolidation phase over the daily price chart.
- VET Crypto is currently trading at 20, 50 and 100-days DMA but still below 200-days Daily Moving Average.
- The pair of VET/BTC is at 0.000001252 BTCwith an intraday gain of 2.75%.
The price of VET is striving to hold at the start of the consolidation period on the daily price chart. The coin needs to continue growing at its current rate in order to stay where it is. Bulls in VET are doing all in their power to keep VET from falling below the daily chart’s consolidation phase. One VET coin has always priced between $0.020 and $0.025. To see the token emerge from the consolidation phase, VET bulls must consolidate in the interim.
The estimated price of VET is $0.025 and its market cap increased by 0.40% over the previous day. The number of transactions increased intraday trading by 24.63%. This suggests that traders may be looking to seize the chance to help VET exit the consolidation phase, but it still seems like they are actively trading.
VET’s daily price chart reveals that the price is increasing as it gets closer to the consolidation period’s top trendline. Only when there are enough bulls in VET can the token materialize. Bears, however, could abruptly reverse the upward trend of the VET currency because volume indicates that the rate of accumulation is constrained. For VET bulls to avoid slipping into any bearish traps, they must immediately build up.
Will VET Surge Out from the upper Range?
The value of the cryptocurrency VET has been increasing on the daily chart. Technical indicators suggest that the VET currency is moving upward. The growing velocity of the VET currency is shown by the relative strength index (RSI). At 43 points, the RSI is almost neutral. The MACD indicator shows an upward trend for the VET cryptocurrency. The MACD line is crossing the signal line before any crossover. VET investors need to keep an eye on the chart for any changes in trend.
Conclusion
The price of VET is striving to hold at the start of the consolidation period on the daily price chart. The coin needs to continue growing at its current rate in order to stay where it is. Bulls in VET are doing all in their power to keep VET from falling below the daily chart’s consolidation phase. Bears, however, could abruptly reverse the upward trend of the VET currency because volume indicates that the rate of accumulation is constrained. The MACD line is crossing the signal line before any crossover. VET investors need to keep an eye on the chart for any changes in trend.
Technical Levels
Support Levels: $0.023 and $0.022
Resistance Levels: $0.025 and $0.030
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
