- VeChain recovered almost 100% of its value during short-covering since its March lows.
- The all-important moving average is below the current price of VET Coin on the daily price chart.
- The Average Directional Index (ADX) has reached its 2-month peak at 37-points.
In the last seven days, VeChain Coin has seen another uptrend. Market manipulation, on the other hand, has been a source of concern for VeChain investors since the all-time high ($0.2798). On an hourly basis, VET displayed a downward parallel channel, and the price of VET coin attained $0.0390 (2022 low) on February 24.
VeChain Coin is back 14% since the beginning of this week. Thus, VET is trading above the key $0.70 resistance, which has now turned a key support, with the bulls barely defending the price above it. At the time of writing, according to CMC, VeChain crypto is trading up 2.5% at $0.08522. Thus the price of the VET/BTC pair is increasing by 2.5% for the bulls at 0.000001804 Satoshis.
On Monday night, bulls saw a highly liquid market with $996 million in trading volume, the biggest sign of short-covering. Furthermore, VET has gained 45% of its volume in the last 24 hours. Meanwhile, the volume to market capitalization ratio is 0.3124.
Bulls play save side as RSI follows upwards trendline
VET’s daily price chart is approaching the 200-EMA after maintaining a close above 20,50 and the 100-day SMA.
The RSI has been following an upward trend line for the past several days. Hence, in terms of the daily price chart, the RSI is at 79-mark, which is about to approach the overbought zone.
The Average Directional Index (ADX) has risen sharply by over 15 points. ADX is now at 37-level which indicates a strong bullish trend for the VeChain coin.
Conclusion
As we can see, VeChain Coin is slowly climbing by facing minor retracement phases. VeChain is showing exceptionally volatile behavior when the bears begin to halve themselves.
Resistance level- $0.10and $0.18
Support level- $0.070 and $0.050
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.