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- The Vechain coin price is currently trading in a bullish trend after interrupting the descending trendline.
- The VET coin is overdriving above the 20 and 50-day moving averages and near the 100-EMA line on daily price.
- The SuperTrend indicator generated the buying signal on 23 March.
Since the all-time high ($0.2798), VeChain investors have actually fallen victim to short-selling. On the hourly price movement, VET showed a descending parallel channel, so the cost of the VET coin touched $0.0390 (2022 low) on 24 February. The currency implies a descending triangle pattern (yellow) near the $0.043 level, where investors win to drive the crypto above this channel.
Vechain Coin has been continuously climbing since its low point in 2022. As a result, at the time of writing, the VET token is up 14 % to $0.0651. However, VeChain with bitcoin pairing with BTC is still trading at 0.00000146 satoshis, up 13.6 %. The Ethereum pair with VET coin, like the BTC pair, is going at 0.000002069 ETH.
The Super Trend indicator is growing with a purchase signal (greenzone), which traders are exploiting. However, the coin’s trading traffic has increased by 279% in the previous 24 hours. The daily volume bars for VET Coin suggest greater liquidations, as per Tradingview. In the meantime, the volume-to-market-capitalization ratio is at 0.2311.
What would be the next step?
The daily price chart of the VET coin is trading above the 20 and 50-day moving averages, and bulls are attempting to close the daily price candle above the 100-EMA line.
In terms of the daily price chart, the RSI is nearing 72 and is approaching an overbought zone. Additionally, the ADX indicator is at 23 points and looks to be poised to rise, signaling a robust growth for the Vechain coin.
Conclusion
VeChain is showing some bullish momentum during the coin boom. But the bulls are still struggling to keep VET price above the 100-EMA line. Therefore traders should wait for confirmation above the nearest bullish barrier.
Resistance level- $0.0.070 and $0.10
Support level- $0.050 and $0.039
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
