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- VET/USDT is currently trading at $0.02444 with an over 1% increase.
- The 24 hour low remained $0.0238 while high was $0.0245.
- Network’s trading volume saw an increase by over 2%.
The VET price is currently in a bullish trend after forming a support at $0.0220 level and trading near the resistance zone. The price recently broke out from the downward channel and created a high at $0.03200 level after which price melted down to form support at $0.0220 level.
The price is currently in a consolidation phase ranging between $0.02200 to $0.02500. If prices gain bullish momentum, we could expect a breakthrough. Moreover, there is a possibility for the price to reach $0.02700. On the other hand, if the price can break below the $0.0220 support level, we could expect the price to touch the $0.0200 level.
The price is currently above the 20, 50, 100 day EMAs, indicating a strong bullish trend. The 20 day EMA has crossed the 50 and 100 day EMA positively. However the 200 day EMA has acted as resistance for the price recently. VeChain is showing positive signs on daily as well as weekly time frames. Weekly and monthly candles have turned bullish after residing below the opening price.
VeChain Technical Analysis
The RSI curve has crossed half mark as price gains bullish momentum. The RSI curve on a daily basis is currently at 54.54 above the median line. The RSI shows that there is room for bullish momentum in the price. On a 4 hour basis, the RSI has touched the 70 mark when price touched the $0.02500 level and is currently at 57.70. Also the price is above all the EMAs.
The +DI is above the -DI, with an ADX of 8.61 as price hovers around the resistance zone. The ADX is showing weak trend strength and price requires a break out from the consolidation zone. While on the 4 hour time frame, the +DI is above the -DI with an ADX of 33.81 which is strong trend strength.
The price has reached the upper band of bollinger and started to reject it. We may expect a pullback if today’s (8 April 2023) candle is able to break the low of the previous daily candle. The bollinger bands have squeezed, indicating low volatility in the market. The bulls need to take control and increase the momentum in the price to cross the $0.02500 level.
Conclusion:
The price has retracted from the support of $0.0200 level and is currently in strong bullish momentum. The market structure as well as the price actions support the statement. The technical parameters are a bit indecisive as the price has reached the resistance level. A break and close above the $0.02500 level would confirm the continuation of this bullish trend else price would retrace back to $0.0220 level.
Technical levels:
Major support: $0.0200 and $0.0220
Major resistance: $0.0270 and $0.03200
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 or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
