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VET Price Analysis: Will Vechain Price This Time Clear Important Supply Zone?

Pratik Chadhokar by Pratik Chadhokar
April 28, 2021
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VET Price Analysis: Will Vechain Price This Time Clear Important Supply Zone?
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  • Vechain price after sharp profit-taking now indicates a sign of bottom out, as trying to recover over the monthly chart 
  • Currently, the coin is sustaining above all the critical moving averages of 20,50,100 and 200-Day with good support from volume
  • The pair of VET/BTC made a similar kind of structure, currently standing at 0.000003597 BTC with an intraday drop of -7.46% 
Source:tradingview

The Vechain price correction now seems to be over, as the price recovers sharply from the low of $0.1330 due to strong buyers sentiment. Meanwhile, the coin is now successfully placed above significant moving averages of 20, 50, 100, and 200-Day. The coin is currently consolidating after a two days rally, and the volume also indicates the strong momentum. Meanwhile, support on the lower level is situated at $0.1600 and $0.1400. Likewise, the resistance on the higher side is located at $0.2400 and $0.2800. While the coin is slowly reaching towards the significant supply zone if it suppresses, then a strong momentum till $0.3000 and $0.3400. 

Source:tradingview

Vechain price over the weekly chart at a 4-hour time frame indicates some relief, forming a stable chart pattern. While we can see the consolidation in the shorter term and volume over the chart is also good. In the last 24-hours volume jumped nearly 12%, standing at $3,010,248,559. Presently VET price is trading at the level of $0.1967 with an intraday loss of +8.15%; whereas, the total market capitalization presents at 13th rank stands at $12,719,254,322 with an intraday loss of -8.12%. 

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Relative Strength Index (NEUTRAL) indicates neutral or sideways momentum while trading at 49.62. However, moving flat with no significant movement. 

Moving Average Convergence Divergence (NEUTRAL) currently indicates a sideways momentum on the daily chart, as it is trading with the significance of the buyer’s signal line (green) over the seller’s line (red). 

Support levels: $0.1600 and $0.1400 

Resistance levels: $0.2400 and $0.2800     

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Pratik Chadhokar

Pratik Chadhokar

Pratik Chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.

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