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- 1 VeChain price is up by 21.80% on the monthly basis and forming bullish reversal pattern
- 2 VET price sustained above the 200 day EMA and also prepares for the golden EMA crossover
- 3 VET technical indicators are mild bearish but the price action is favoring in the direction of bulls
VeChain (VET) coin prices are trading with mild bearish cues and bears are trying to pull the prices down below the important EMAs but the price action is bullish and buyers are expecting the price to hold the support levels. Currently, VET/USDT is trading at $0.02802 with an intraday loss of 0.74% and the 24-hour volume to market cap ratio at 0.0309
Are VET prices undervalued ?
VeChain (VET) crypto price is on the slow and steady rise and heading upward by forming a bullish continuation pattern which shows that the confidence of the buyers is returning back and investors are expecting outperformance in the coming months.
In the mid of January, VeChain prices took U- turn from the 52 week low and managed to push the price above the 50 day EMA which has created a positive hope for the bullish traders and turned the short term trend in the direction of bulls. Later, prices continue to rise upward with a low momentum and succeed to break out of the 200 day EMA indicates that the prices are in the initial phase of rally and if overall market sentiment remains positive then we might expect VET prices to participate in the next bull run. However, the prices are near to the supply zone at $0.03398 which will be going to act as an immediate hurdle for the bulls followed by next hurdle will be at $0.03911 level
On the other hand, If overall market sentiment turned negative, then VET prices might also face rejection form the supply zone and bears might try to drag the prices below the important EMA to show its dominance but as per the technical analysis, $0.01964 and $0.02212 will act as a strong demand zone and the probability of bouncing back from the support zones remains in the favor of bulls. Meanwhile, The technical indicators like MACD had generated negative crossover but the curve is sloping sideways indicating prices are likely to consolidate for some more time whereas the RSI at 56 denotes the equal level of tug of war between buyers and sellers.
Summary
VeChain (VET) crypto price is in the recovery mode and managed to climb above both the EMAs shows that the positional trend is in the bulls grip and any short term correction will have high probability of bouncing back from the support zones mentioned below.
Technical levels
Resistance levels : $0.03398 and $0.03911
Support levels : $0.02210 and $0.01964
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.
