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- VET coin price boosted 40% after taking support from trendline as well as 0.5 Fibonacci level and making higher highs
- Recently, the coin price had previously fallen 40% from the $0.26 level before the price found support and is now trading just above the 0.382 Fibonacci level in the daily timeframe
- The VET/BTC pair is trading at 0.000003715 with an intraday gain of 7.5%
VET token price faced rejection resulting in more than 40% fall before taking support from the trendline and the 0.5 Fibonacci level, i.e., of $0.14. The coin price made a morning star pattern at the trendline, implying that the bulls are ready to overtake the charge.
The declining volume in the daily timeframe does imply that bulls are powerful but are quite less in number. The live VeChain price today is $0.211108 with a 24-hour trading volume of $2,145,182,433. VeChain is up 6.14% in the last 24 hours. The live market capitalization of the coin is $13,577,510,995.
Higher highs expected to continue
VET token price, ever since, finding demand near the support trendline close to the 200 EMA in the 4-hour timeframe, has been higher in an ascending triangle, which is expected to break out soon. The token price has been facing resistance from the $0.219 level resulting in the mentioned ascending triangle. The support levels of $0.18 and $0.14 are the immediate support level, whereas the immediate resistance level after the $0.21 level is $0.26.
According to the 4-hour timeframe, the 50 (yellow) above the 200 (white) EMA indicates an uptrend, and the coin price is constantly finding support near the 50 EMA might boost the price up again.
The RSI (slightly Bullish) indicates slight bullish momentum while trading at 60. The RSI line is sloping up and is now heading deeper into the oversold zone. However, RSI is expected to reverse soon.
The ADX indicates a static momentum as it trades at 19.9 while the slope in ADX is dipping.
Conclusion – VET coin price is resonating inside the ascending triangle pattern. The coin price constantly supported from the 50 EMA increases the chances of a breakout. However, the increase in selling volume is something that can change the course of the trend. Hence, early traders must be careful.
Support- $0.18 and $0.14
Resistance- $0.21 and $0.26