- Price is moving in an uptrend by breaking above the bullish flag pattern.
- The VET token is showing signs of a bullish rally above the 200-day EMA.
The VeChain (VET) coin was launched in 2015. It offers a token called VET, which has the purpose of acting as a value transfer medium. It enables quick value flow within the network. VeChain uses smart chips that are used in tracking all the points related to a supply chain flow in its mission.
Past Actions of the VET Coin Price
The VET coin price broke below $0.020 in November 2022, which led the price for the continuation of the downtrend. Subsequently, It experienced an upsurge of 111% in an impulsive bullish rally up to the $0.032 major resistance level.
The token’s price faced a successful resistance from the $0.026 level after a fall of 39% from the major resistance. Consequently, the price gave a break of structure at the $0.015 support level, which led the price further down the $0.013 level.
In June 2023, it started an impulsive bullish move from $0.014, increasing by 46% in its value. As a result of that, the price gave a bullish reaction to this particular level at $0.014. It is now moving toward the immediate resistance.
There are 72,714,516,834 VET coins circulating in the market and are in public hands. The current market capitalization of the VeChain stands at $1,377,349,227.
Technical Analysis of the VET Coin
The VET tokens price has broken above both the 50-day and the 200-day EMAs, reflecting a strong hurdle of the bulls. Currently, it is sustaining above the 200-day EMA. The 50-day is at the level of $0.0170 while the 200-day EMA is at the $0.0186 level.
In the wider outlook of the price chart, the price seems to form a double bottom at the $0.0145 support level. Currently, it has given a breakout from the bullish flag pattern at $0.0170 and is surging toward the immediate resistance at the $0.0200 level. However, for the continuation of the impulsive bullish rally, it should take support from the $0.0179 level.
On the other side, the relative strength index (RSI) is sloping in favor of the buyers showing bull dominance over the current trading sessions. The RSI is at the level of 65.44 above the signal line.
Conclusion
All in all, the VET coin price has been trading in a strong short-term uptrend. It formed a double bottom at the $0.0145 level, showing strong signs of a potential bullish reversal. At press time, the price has given a breakout from the bullish flag pattern at $0.0170 and is surging toward the immediate resistance at the $0.0200 level. However, for the continuation of the impulsive bullish rally, it should take support from the $0.0179 level.
Technical Levels
- Resistance levels: $0.0212 and $0.0266
- Support levels: $0.0160 and $0.0131
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.