VET Price Analysis: Are Bulls Supporting the VET Price? 

• 1 VET price is currently trading at $0.025 while seeing a change of 2.46% in 24-hour trading volume.
• 2 VeChain is observing an increase of 3.03% in the last 24 hours.

The investor’s sentiments regarding VET price as of now remains bullish. The price of VET started making a bullish trend around January. After taking support from $0.01600 by making a hammer pattern it rallied up to 30% where after taking a short correction from the 200 EMA it gained significant buyer’s support near the 100 EMA following which the price broke above its severe resistance level of 200 EMA with a strong momentum the VET price gained another 40% in the following rally.

The sellers started overpowering the buyers near the $0.0320, leaving a dark cloud cover pattern near the end of February. Following the rejection, VET’s price lost 35% of its value during the downhill domination.

VET Price Trading on a Bull Trend

Source: VET/USDT by TradingView

Although the price gained buyers’ support near trendline in early March the price rallied by 20% with a bullish engulfing candle where it also crossed over the 100 and 200 EMA. As of now, the price is giving strong indications of a bull trend.

The overall market sentiments are trading in the greed zone indicating the strong buyers’ support. According to Alternative(dot) me, the current value in the greed and fear index is around 68 points on greed while seeing an increase of 7 points since last week.

According to Coinglass, a platform that provides cryptocurrency exchange information. The sellers have a slight advantage over the and the sellers are overwhelming the bears by a slight 50% to 55% across all the major cryptocurrency exchange platforms.

Technical Analysis of VET Price

Source: VET/USDT by TradingView

The RSI line is currently moving on an uptrend by taking consistent support from 14 SMA. As of now, the RSI is suggesting a slight correction in the price. The current value of the RSI line is 60.77 points, while the 14 SMA is giving support to it at 55.16 points.

On the other hand, the stochastic RSI is trading around the overbought levels at 98.32 points. The Stochastic RSI is suggesting that the price can take a bearish reversal from the overbought levels if the %K line intercepts the %D line.

Conclusion

According to the analysis, the VET price is currently trading on a bull trend above the major MA and EMA. The oscillators have already reached the overbought levels with chances of VET price taking a bearish turn in near future.

Technical levels –

Support -$0.02200 and $0.02300

Resistance – $0.03000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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