- The VET coin price broke out from the bullish flag pattern.
- The technical oscillators are neutral while the moving averages indicate strong buy signals.
Vechian (VET) is a flexible enterprise grade-L1 smart contract platform that began in 2015. It works in providing a decentralized trust layer for multiple-party ecosystems and aims to disrupt traditional business systems. VeChian has two in-house tokens VeChain (VET) and VeThor (VTHO) especially designed to avoid fee fluctuations and network congestion.
VeChain Price Has Been Profitable Since Offerings
October 2023 has become a major month for most of the cryptocurrencies in the world. VET coin price has also shown a major reversal rally from this month. It has given a return of almost 141% during the last quarter of 2023.
On the other side, the 50-Day EMA has also played its part in this game by supporting the VET coin price to the $0.03894 resistance level. As a consequence, the price needed a bullish correction so, the session was changed into a negative trend.
This resulted in a loss of 35% in the VET coin’s value from the $0.03894 resistance level. During this negative correction, multiple lower swings were created which intrigued many sellers but they got knocked out from the $0.02495 support reinforcement.
Afterward, the investors are observing a very strong bullish impulsion in the VET coin price behavior. Currently, the 24-hour trading volume is ranked 18th among the 8,826 active cryptocurrencies in the CoinMarketCap.
Technical Analysis of the VET/USD
The 50-Day EMA has supported the VeChain price since October 2023, resulting in an uptrend. The VET coin price now is moving bullishly although it was much lower during the correction sessions.
Recently, the VET coin price has given a breakout from the bullish flag pattern resulting in an advance of nearly 93% from the $0.02670 support level. In the last few trading sessions, it produced massive bullish candles, reflecting bullish dominance.
However, the price may need a bullish correction for further rally. It reached the $0.05435 resistance level but to break above, it needs a correction at the $0.03894 support level. After that, it may potentially break that resistance.
The relative strength index (RSI) is showing strong momentum in favor of the buyers. The RSI slope reached above the 70-mark upper band in the overbought region. Currently, the RSI is at 87.65 above the signal line.
Conclusion
The VET coin price has been trading in an uptrend since October 2023. It has given a breakout of the bullish flag pattern and rebounded by the 50-Day EMA. The price formed strong bullish candles which reflected bullish sentiments. VET coin may soon break the $0.05435 resistance level if it takes a bullish correction on the $0.03894 support level.
Technical Levels
- Resistance Levels: $0.05435
- Support Levels: $0.03894 and $0.02495
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.