Vechain price analysis indicates that VET prices have corrected higher after closing yesterday’s trading session on a bearish note. VET/USD prices managed to reclaim the $0.024 level and are currently trading at $0.0243. The bulls have pushed the prices higher after finding support at $0.02206 yesterday. The current market sentiment is positive and the prices are expected to climb higher in the near term.
Vechain’s current price is $0.02416 and prices are up by 5.38 percent in the last 24 hours. The current CoinMarketCap ranking is #31, with a live market cap of $1,762,333,094 USD. It has a circulating supply of 72,511,146,418 VET coins and a max. supply of 86,712,634,466 VET coins. Prices have been volatile in the last 7 days and are down by 12.59%. In the last 30 days, prices have seen a rapid increase of 46.02%.
Vechain price action on a 1-day price chart: VET prices trade close to the $0.025 resistance level
Vechain price analysis shows the bulls are trying to push prices higher after a period of consolidation. Prices have been trading in a range-bound manner between $0.022 and $0.025 for the past few days. The price action has formed a descending triangle pattern on the hourly charts, with the support at $0.022. A breakout of this pattern can push prices towards $0.028. The bulls have been struggling to push prices higher, but the recent price action looks promising.
The RSI indicator is currently in the overbought territory and is close to the 70 levels. The RSI line has more room to move higher and this indicates that the prices have more room to move higher. The MACD indicator is currently in the bullish zone and is gaining momentum. A crossover of the MACD line can push prices higher in the near term. Prices are expected to continue moving higher as long as they remain above the $0.022 level. The next resistance levels to watch are $0.026 and $0.028.
The moving averages are bullish and are indicating a strong uptrend in the market. The 20-day EMA is below the 50-day EMA, which is a bullish sign. Prices are expected to find support at the 20-day EMA and continue moving higher. Moreover, the Bollinger bands are exhibiting a squeeze, which is a bullish sign. A breakout of the upper Bollinger band can push prices towards $0.028 in the near term.
Vechain price action on a 4-hour chart: VET prices make higher highs and higher lows
Vechain price analysis shows that VET/USD prices have made higher highs and higher lows on the 4-hour chart. Prices are currently trading close to the $0.025 level and a breakout of this level can push prices towards $0.028 in the near term. The moving averages are bullish and are indicative of a strong uptrend in the market.
The MACD indicator is currently in the bullish zone and is gaining momentum. A crossover of the MACD line can push prices higher in the near term. Prices are expected to find support at $0.022 in the short term and continue moving higher towards $0.028.
The RSI line is currently in the overbought region and is close to the 70 levels. The market volatility for the VET/USD pair is gaining some momentum, which is a bullish sign. The upper band of the Bollinger bands is touching the $0.025 level and a breakout of this level can push prices higher in the near term.
Vechain price analysis conclusion
Vechain price analysis concludes that prices are expected to continue moving higher as long as they remain above the $0.022 level. Prices are expected to find resistance at $0.026 and $0.028 in the near term. Vechain is among the few tokens that are still holding up in the market. The general market is in a bearish mood, but VET prices are expected to continue moving higher.
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