- VeChain Coin price appears to be in bullish territory with a rise of 67% over the past 2 weeks.
- The weekly price candle is coming back above the 20-day EMA after a long time.
- VET/BTC pair price is trading higher in the green zone by 3.3% at 0.000000156 Satoshis.
Short selling has been a headache for VeChain investors since the all-time high ($0.2798). VET demonstrated a downward parallel channel on the hourly price movement, therefore the price of the VET coin touched $0.0390 (2022 low) on February 24. The coin suggests a descending triangle pattern (yellow) at the $0.043 level, where investors gain if the cryptocurrency rises above this channel.
VeChain Coin’s live price is rising above a key resistance, which has now turned into major support, with the bulls barely defending the price above it. At the time of writing, VET is trading up 5.5% at $0.07475 as per Tradingview data. Thus the VET/BTC pair price is trading higher in the green zone by 3.3% at 0.000000156 Satoshis.
Supertrend indicator helps buyers to push the price of VET higher. On Monday night, the bulls witnessed a highly volatile market with trading volume at $996 million, the biggest sign of short-covering. Despite this fact, VET has lost 71% of its volume in the last 24 hours. Meanwhile, the volume to market capitalization ratio is 0.1542.
The Stoch RSI is flat; what should we do next?
The daily price chart of VET is approaching 200-EMA after maintaining the value higher above 20,50 and 100-day moving averages.
On the daily price graph, the stochastic RSI formed a high and a low and the moving line shows no sign of breaking the overbought level.
This is telling us that a bullish trend is underway, as the Average Volume Index (ADX) has reached the 30-point level.
Conclusion
VeChain Coin is looking extremely volatile when the bears started to halve themselves. The 200-EMA is the only bullish hurdle for investors to test again and holders are expecting a move towards the November highs.
Resistance level- $0.0.083 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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.