- After suffering so much selling pressure, VET ties itself in a narrow horizontal range.
- VET Coin is dealing in a green zone by 5.87% at the time.
- VET/BTC pair price is up by 6.21% at 0.000001963 BTC.
After a bullish run, investors of VET Coin received a huge Return on Investment (RSI), then investors started booking their profits significantly. Meanwhile, the coin fell sharply, and it looked like a bloodbath. Since then, whenever VeChain tries to breach its previous one, the seller removes it.
Nowadays, VET Coin is trading in a narrow horizontal range which indicates the sideways phase in the short period. In the battle of buyers and sellers, sellers have been making their mark for a long time. after 10-December, Coin had been continuing itself below the declining trendline.
In the intraday session, VeChain Coin’s price is in a soft bull market with a gain of 5.87% at $0.09142. The trading volume in the last 24 hours is $412 million, which represents a massive increase of 36.38%. The VET/BTC pair price is in favor of 0.000001964 BTC at 5.81%. On the other hand, the price of the VET/ETH pair is showing similar parameters and is up 5.70% at 0.0000239 ETH.
Average Directional Index (ADX) is currently at 25 levels, gradually slipping. ADX indicates the low volatility in the coin; it means the coin is losing the trader’s attention for a short period.
Where does VET Coin move after breaching this horizontal range?
Relative Strength Index took support from oversold(30) zone and bounced back after the dip, now RSI is at 50 level, which stipulates the current bullish scenario in the Coin. Now it is moving towards the roof of the RSI.
VeChain Coin has been circulating upon the 20 SMA, and then currently, Coin tested 20 SMA as a support level for the short term. Currently, Coin is trading below 50,100 and 200 SMA, and that all Moving Averages can behave like barriers ahead.
Conclusion – It may benefit its long-term investors until it reaches the next resistance level, which will be $0.124. Many indicators indicate the strong buying until it breaks its recent support, which is $0.7483
Resistance level- $0.188
Support level- $0.55
Disclaimer – The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.