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VET coin price action maintains above the 61.80% Fibonacci Retracement Level, indicating a breakout of the previous trend high of $0.15.
VeChain (VET), a blockchain-powered supply chain platform, was launched in June 2016. It aims to combine distributed governance with the Internet of Things (IoT) to create an ecosystem that solves many major supply chain management issues.
To manage and create value-based upon VeChainThor's public blockchain, VeChain uses VET and VTHO tokens.
This is a way to improve supply chain processes' efficiency, traceability, and transparency while simultaneously reducing costs and giving individual users more control.
Let us now take a deep look into the technical analysis of VeChain's cryptocurrency.
Past Performance of VET
Last month, VeChain's cryptocurrency found demand near the $0.08 mark after the downfall of more than 45%. Thus, the demand initiated an uptrend resulting in an up move of 65% from $0.08.
Furthermore, the VET coin price sustains above the 61.80% Fibonacci retracement level. Thus, indicating a solid bullish reversal that can soon break the previous swing high of the $0.15 mark.
Source - Tradingview
VET Technical Analysis
At press time, the VET coin price is trading at $0.1348, with a price fall of 1.70% in the past day. Furthermore, the trading volume stands at $485 million with a fall of 15% compared to yesterday.
The $0.15 mark and the $0.20 mark are the resistance levels opposing the bull run. And on the flip side, $0.12 can act as a support level followed by the $0.10 level.
The MACD indicator in the daily chart generates bullish signals. Due to the recent bullish crossover, the MACD and sellers line are running higher in the positive segment.
The RSI indicator projects a rise in bullish sentiments as the slope rises higher towards the overbought zone.
Upcoming Trend
As per the technical analysis of VeChain cryptocurrency, the VET coin price manages to sustain above a crucial Fibonacci retracement level. Hence, we can shortly observe the price reaching the $0.15 mark. However, a bearish reversal from the $0.15 mark is plausible.
However, if the price breaks the $0.15 mark, we can observe a bullish drive in VET coin price to the $0.20 mark.