- Vechain price is currently in a consolidated momentum and can soon see a breakout for a new high. It can soon see a upside rally above $0.1
- VET price is taking support from 50MA to sustain above the next support. In contrast, VET/BTC pair is seeing a gain of 1.05% in the intraday session.
Why To Invest In VET Crypto?
VET crypto price is currently in a consolidated momentum and can soon see a new high.It is a blockchain supply platform which was launched in 2016. It aims to create an ecosystem which solves some of the major gaping problems in the supply chain industry. It is founded by Sunny Lu who was one of the IT executives of Louis vuitton. It aims to disrupt traditional supply chain models, which had never changed before blockchain and had remained the same for decades. VET has an ROI of more than 455% which has always profitated the investors in the past. One can invest in Vechain as per their risk capacity and price action.
VET coin price has seen a downslide by more than 70% from it’s all time high . Vechain has a market dominance of more than 0.35% and is ranked 22nd in the CMC. The volume to Market capitalization ratio for the Vechain suggests a consolidated momentum for price.
Technical Indicators Suggest A Consolidated Momentum For VET Crypto Price
The weekly technical chart of VET price hints towards a downtrend in price for the future. VET price is currently trading below the 100 and near 50 MA . If the price breaks below the 50 MA then a strong downtrend can be seen. The bullish momentum of VET price can see a halt near the region of $0.1. In contrast, on the downside, the price can observe a bounceback from 0.05. If the price jumps above $0.1 , then a strong bullish momentum can be seen. VET/BTC pair can also see a breakout from the previous resistance and reach the new high. One can forecast a huge gain in Vechain price in the future.
Conclusion
VET crypto price is currently in a consolidated momentum but can soon revert to the uptrend. VET/BTC pair can also observe a new high in the future.
Technical Levels
Major Support:$0.05
Major Resistance:$0.1