VeChain Price Analysis: A massive Gain Waiting For VET Investors IF The Price Sustains Above This Crucial Level

Source : coingape.com

The VET/USD chart indicates a strong uptrend as the coins show a steady rally of higher highs and higher lows. The coin price recently gave a breakout from the $0.155 resistance, which initiates a significant up momentum in this coin. 

Key technical points:

  • The 20-day EMA provides excellent dynamic support to the VET price
  • The Daily RSI chart struggling to keep up with the bullish momentum
  • The intraday trading volume in the VET coin is $3.1 Billion, indicating a 3.96% hike

Source- VET/USD chart by Tradingview

Since the blood bath of the crypto market in May month, the VET coin price has never been seen above the $0.155 mark. The coin tried a few attempts to breach this overhead resistance, but they were a major fail that pushed the coin back to the lower levels.

However, on November 5th, the coin price finally managed to break out from this resistance, with sufficient support from the volume activity, providing the crypto trader an excellent opportunity to go long.

The daily chart’s crucial EMAs(20, 50, 100, and 200) suggest a bullish trend in this coin. In addition, the 20 EMA line provides strong dynamic support to the coin price.

The Relative Strength Index(63) indicates a bullish sentiment regarding this coin. However, the RSI line is struggling to keep up with the bullish price action, suggesting some weakness among market buyers.

VET/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- VET/USD chart by Tradingview

The VET coin showed a remarkable rally in this lower time frame chart. Furthermore, the coin is still trying to sustain above the $0.155 mark, and with the losing momentum in RSI, the task becomes slightly difficult. 

However, If the price obtains sufficient support from this level, the coin price would have a strong stepping stone to initiate a significant up movement. The current price of this coin is $0.166, with an intraday gain of 3.1%.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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