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- VeChain (VET) price formed a bullish price pattern on the hourly chart.
- Market capitalization increased by 3.86% to $1.33 billion in the last 24 hours.
- The daily RSI indicator is reaching the overbought zone at that point.
The VeChain (VET) price has turned upside from lower levels. After a long period of movement, bulls have taken over the market and now the VET price continues to move higher. So far, market sellers are ignoring the sell-off in VeChain crypto until they find a credible resistance zone.
VET on 4 Hour Price Chart
VeChain crypto price action formed a head and shoulders pattern near the 60-day low, and this bullish pattern has helped it a lot over the past few days. After breaking the neckline of $0.0165, VET gained almost 13% to reach a weekly high of $0.01889. Above this swing high, the buyers are looking for another 13% increase until price reaches the next resistance at $0.0213.
Against USDT, VeChain Coin (VET) is trading at $0.01845 at the time of writing. Meanwhile, bulls are looking tired today as the daily candle is showing selling pressure at the weekly higher levels. Despite this fact, the market capitalization increased by 3.86% to $1.33 billion in the last 24 hours.
Today bulls are painting a strong fifth bullish candle with a weekly gain of 7.95%. Additionally, buyers are again keeping the VeChain price above the 200 simple moving average with reference to the 4-hours chart. This bullish breakout has happened after a month, buyers should maintain this positive outlook.
VET crypto is trading on all red moving lines of the EMA ribbon indicator on the daily price chart. Soon, it may reach the 200 EMA line of the lower indicator. Meanwhile, the RSI is about to knock on the door of overbought region. At the same time, the MACD indicator is overcoming the negative zone.
Conclusion
VeChain (VET) price is facing slight selling pressure at the weekly high. Buyers should accumulate VET tokens at this price point to keep themselves out of correction phase.
Support level – $0.01540
Resistance level – $0.0190 and $0.0280
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 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.
