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VeChain Price Analysis: The VET Coin Reaches The Previous Swing High With Increased Buying Pressure

  • The 20-day EMA is providing strong dynamic support to the VET coin price.
  • The VET/BTC pair was trading at 0.000002534 BTC with a gain of -3.12%.
  • The 24-hours volume for the VET coin is $1.12 Billion, indicating a 27.2% fall.

The VET coin chart was a good long opportunity for cryptocurrency traders when it crossed the $0.128 neckline, which is the inverted and shoulder patterns of the daily-time frame chart.

In addition, the price has retraced to test this level and, on October 28, the price launched a news rally starting from this level. This rally is currently trying for $0.0154 resistance, the swing high.

Concerning EMA’s: The VET coin’s price is trading above critical EMAs of 20, 100, 200, and 50. This suggests a bullish trend alignment. This coin has strong support from the dynamic 20 EMA.

The current RSI (BULLISH), is 65. This indicates a bullish feeling within the VET coins.

The VET Coin Trying To Sustain Above The $0.154 Mark

The VET coin price has provided support in the 4 hour time frame chart by closing at $0.153 mak. To get proper support, the coin price is currently testing this broken level. The technical chart shows a lower price rejection in recent candles, which suggests that there is a lot of demand in this area.

MACD indicator: Both MACD signal lines move above the neutral zone (0.00) to indicate bullish momentum in the VET coin.

Conclusion:  Technically, VET coins are bullish. The chart, as previously mentioned, indicates that the VET coin has more potential to rise when the price attempts to exceed the swing high at $0.154. However, crypto traders must be patient and wait until the price reaches a level that is sustainable.

Support: $0.154

Resistance: $0.174

Categories: News
Antonio K Smith: Antonio is a travel photographer by profession and came across the Crypto world during his profession. Since then his love, knowledge and interest towards the technology have increased. He brings his passion to create in his articles.