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- 1 The VET coin price witnessed a reversal and retested the resistance mark of $0.05000.
- 2 Bulls are dominating the battle and willing to lift the coin to the $0.06000 mark.
The VeChain (VET) coin witnessed buying sentiments and has reaped strength, recuperating from the demand zone of $0.03000. The coin has zoomed over 70% in the last three weeks and is prepping for a breakout above the $0.06000 mark. The advancement in Bitcoin price activated the bullish ripple in the Vechain (VET) along with other altcoins. The coin has retained its potency and will likely initiate a rally soon.
The VET price has escaped the key moving averages and is forming the higher high swings on the charts. The price action demonstrates the bull accumulation and a double-digit rise in the last weeks displays investor interest. If the VET price stabilizes above the $0.05000 mark, a sharp move toward $0.0600 can be anticipated soon. Per the Fib retracement levels, the coin has stayed above the 23.6% zone but has yet to cross the 38.2% zone.
The VeChain coin (VET) price was $0.04923 at press time, with an intraday drop of 4.00%, showing neutrality on the charts. Moreover, the trading volume has increased by 41.61% to $210.95 Million. The VeChain price has a monthly return ratio of 72.15% and 102.10% on a yearly basis. The pair of VET/BTC is at 0.000000737 BTC, and the market cap is $3.29 Billion. Analysts are bullish and suggest that the FIL coin might continue to extend the gains and will surpass $0.06000 soon.
The VeChain Price Gains Momentum: Can VET Rally Away the $0.05000 Mark?
The coin has witnessed a significant turnaround on the daily charts and jumped from the lows of $0.03000 in the past weeks. The derivatives market signifies the neutral trend, and the open interest activity replicates a drop, conveying the short covering signs.
The Relative Strength Index (RSI) curve stayed near 75, signifying a bullish trend and signaling a positive outlook. Similarly, the MACD indicator shows a bullish crossover and suggests a rise in the following sessions. The technicals are suggesting a bullish trend, and the VET price may continue to advance gains.
The VET Price Exhibits Trend Reversal: Is It Ready for a Rally?
On the weekly charts, the VeChain coin price has reverted sharply and crossed the 200-day EMA hurdle, replicating the trend reversal. Along with it, the technicals are revealing a golden crossover and signaling that a block of sellers was trapped, which triggered the up move, which may continue to lift the VET price in the following sessions.
Summary
The VeChain (VET) coin has retained its strength and is ready to glimpse a bullish rally above the $0.0500 hurdle soon. Bulls are willing to sustain above the make-or-break region to deliver a sharp surge in the following sessions.
Technical Levels
Support Levels: $0.04000 and $0.03200
Resistance Levels:$0.05200 and $0.06000
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
