- Vechain Price is currently on a bullish move with a gain of 27.62% in an intraday session.
- Technical Indicators for VET price suggests an upcoming correction. In contrast, the VET/BTC pair is seeing a bullish rally with a gain of 25.22%.
Why To Invest In Vechain?
VeChain (VET) is a blockchain-powered supply chain platform. It was launched in 2016 with an aim to disrupt the traditional supply chain system. It aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management.
The reduction of the base gas price on VeChain Thor Mainnet has pushed the price to newer highs.The reduction of gas fees has moved the buyers towards it but soon a correction can be seen.
Technical Indicators Suggest A Correction For VET Price
The weekly technical chart of Vechain highlights a bullish move. VET price is in a bullish rally in the daily time frame. Resistance on the upside for the coin can be seen at $0.3. Vechain can bounce back while going down from $0.15.It is trading above 50 and 100 Moving Average. The 50MA (YELLOW) line is at $0.103, making it temporary support for the current price. The coin also forms a bullish engulfing candlestick pattern that can accompany the price rise.One should wait for a correction before dipping their toes in it.
RSI(Bearish): It is trailing at 85.53, showcasing its presence in the overbought zone. There is a negative slope formation in the RSI, highlighting a negative sentiment for the price. RSI depicts a correction for the price.
Conclusion
VET price has seen a gain of more than 4300% from the start of the year. The VET/BTC pair also sees positive momentum and can see a higher levels in the future. Investors should do their due diligence before investing.
Technical Levels
Major Support:$0.15
Major Resistance:$0.3