VeChain Price Analysis: VET looks Determined to Breakout of the Range, Analysts Say!

• VeChain price is trying to sustain at the upper range of the consolidation phase. 
• VET crypto has recovered above 20 and 50 EMA but still below 100 and 200-days Daily Moving Average.
• The pair of VET/BTC is at 0.00000115 BTC with an intraday gain of 2.66%.

VeChain price is trying to break out of the consolidation phase over the daily price chart. The token looks determined to register its breakout with a recovery phase. However, due to the ongoing bear market sellers may strike this uptrend momentum of VET crypto. The VET coin is now trying to sustain at the upper range of the consolidation phase and the token is trying to get support at the higher level. Meanwhile, bulls must try their best to save the token from falling and they must sustain to register the token’s breakout. VET has been consolidating inside the price range of $0.021 and $0.027.

VeChain price is presently approximated at $0.026 and has gained 10.54% of its market capitalization in the last 24-hour period. Trading volume has increased by 15.90% in the intraday trading session. This shows that buyers are getting indulged in the trade to let VET sustain and register its breakout from the consolidation phase. Volume to market cap ratio is 0.07439.

Source: VET/USD by TradingView

VET coin price must accumulate buyers to sustain at the verge of the horizontal range-bound area. However, bulls are accumulating but bears may try to disrupt the uptrend momentum of the token. Meanwhile, volume change can be seen below average and needs to grow for VET to escape the range-bound area. VET crypto has recovered above 20 and 50 EMA but still below 100 and 200-days Daily Moving Average. 

What do Technical Indicators suggest about VET?      

Source: VET/USD by TradingView

VET coin price must prepare itself to register its breakout from the consolidation phase. Technical indicators suggest the uptrend momentum of the VET coin. Relative Strength Index showcases the uptrend momentum of VET coin. RSI is at 62 and is heading towards the overbought territory. 

MACD exhibits the bullish momentum of the VET coin. The MACD line is ahead of the signal line after a positive crossover. VET investors need to wait for any directional change or to let bulls sustain and register the token’s breakout from the consolidation phase.   

Conclusion

VeChain price is trying to break out of the consolidation phase over the daily price chart. The token looks determined to register its breakout with a recovery phase. However, due to the ongoing bear market sellers may strike this uptrend momentum of VET crypto. The VET coin is now trying to sustain at the upper range of the consolidation phase and the token is trying to get support at the higher level. Meanwhile, volume change can be seen below average and needs to grow for VET to escape the range-bound area.  Technical indicators suggest the uptrend momentum of the VET coin. VET investors need to wait for any directional change or to let bulls sustain and register the token’s breakout from the consolidation phase.

Technical Levels

Support Level: $0.023 and $0.021

Resistance Level: $0.030 and $0.032

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.     

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