- The trading volume of the VeChain crypto has surged by 120% in the last 24 hours.
- VeChain crypto’s price has jumped by 81% this month.
- The VET price has been pumped by 14% yesterday and reached the $0.0500 hurdle.
According to the technical chart, VeChain (VET) price has been in a solid bullish trend and has risen by 83% in a month. The VeChain price has recorded a 52-week high of $0.051 today. The price has currently approached the $0.0500 hurdle, forming a negative candlestick.
In the second week of February, the VeChain crypto price faced resistance from the $0.0450 level and underwent a consolidation phase. However, the buyers lifted the price yesterday by 14% and entered the $0.0500 hurdle.
The RSI is at 73, which has slowly jumped from the oversold zone to the overbought zone, indicating bullish dominance. VeChain price is trading far over the significant moving average, which showcases the bullish trend.
VeChain price is trading at $0.048 with an intraday loss of 4.19%. The market capitalization of VeChain is $3.53 billion, and the fully diluted market cap is $4.17 billion. The 24-hour trading volume is $273.42 million, and it ranks 49th in the cryptocurrency market according to the trading volume.
Technical Analysis of VeChain Price Over 1-D Timeframe
As we can see on the chart, the VET price has approached the $0.0500 mark and registered a 52-week high, indicating the buyers’ dominance. The VET price is forming a bearish candle near the 52-week high, and it has slipped below the $0.0500 mark.
After a strong bullish trend, profit booking can be expected according to the chart structure if the current candlestick closes below the $0.0500 level. If the price slips below the $0.0500 level and sustains, most buyers may prefer to book profit, which may result in a sharp fall.Â
Alternatively, if the VeChain price sustains over the $0.0500 mark and volume increases, buyers may become confident and lift the price to a new 52-week high. If the price rises and triggers a pullback, then a bullish momentum for the next few days can be seen.
VET Price Has Formed a Flag and Pole Pattern on a 4-H Timeframe
VeChain price has been in a bullish trend and has formed a flag and pole pattern. Recently, it gave a breakout and rose by 12% in a few hours. In the last 10 hours, the price has dropped by 6%, but this fall can be converted into a pullback, which may lead to a bullish trend.
On the other hand, if the price slips below the 20-day moving average, then profit booking on a higher scale can be seen, which may drag the price down. But if the price fails to defend the $0.400 mark, a bearish trend for the next few days can be expected.
Conclusion
According to the technical chart, the VET crypto price has been in a bullish trend and recorded a 52-week high of $0.0518 on February 27, 2024. Buyers may become interested if the price sustains the $0.0500 level and the volume increases. According to the technical indicators, bulls are dominating.
Technical Levels
Resistance: $0.0520 & $0.0630
Support: $0.0420 & $0.380
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
