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•VET/USD is currently priced at $0.079 and has decreased by 6.66% over the past day
•The technical indicators suggest a period of consolidation in the altcoin
•The trading volumes have decreased by 42.69% over the past day
Short Term View: VeChain bulls hit a minor blip
The VeChain price today is $0.079449 USD with a 24-hour trading volume of $944,407,141 USD. VeChain price is down 6.66% in the last 24 hours. The trading volumes have decreased over the past day, suggesting increased profit booking occurring at the current price levels. The Volume to Market Cap Ratio, on the other hand, stands at 0.1848.
VeChain has been trending downwards following April 2021’s peak of $0.2782. Amidst all the doom and gloom prevailing in the market, the altcoin has shown remarkable resilience and has been able to push back with vigor to the bears’ efforts. The asset is trading above the 20,50 SMA on the four hour chart, indicative of the bullish conditions prevailing in the market If the bullish momentum sustains, Vechain could break through the resistance barrier placed at $0.094 as purchasing pressure increases in tandem with buying signs. The support, on the other hand, resides at $0.067.
Long Term View for VeChain Price
VeChain has been successful in putting a stop to the bears’ advances in the past few days. The RSI is still transacting in the overbought zone, currently standing at 70.29. The histograms have remained green as well and are motoring along at an impressive pace. The MACD and signal lines are also placed comfortably in the positive zone, which reinstates the positive outlook for the altcoin.
Conclusion
The VeChain markets have pulled back during the trading session on Friday but have also found buyers underneath to push the market higher. This is a market that is trying to build up the necessary momentum to go higher, and thus we are likely to see the continuation of the rally or a period of consolidation in the altcoin.
Support: $0.067
Resistance: $0.094
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.
