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- 1 The VET shows an intraday loss of 0.13% and CMP is $0.019.
- 2 The major technical tools show more positive momentum ahead on the charts.
VeChain is a platform that aims to transform the way businesses operate, especially in the supply chain sector, which has been stagnant for a long time. VeChain provides a decentralized way of establishing trust among multiple parties in a business ecosystem. It has achieved remarkable results with prominent clients and government entities.
As per the news on CoinMarketCap by VeChain itself, VET has joined hands with VSC. Which is a Vyvo Smart Chain (VSC) is a blockchain platform that gives rewards to users for their health data and habits.
VSC uses a popular gadget which is a smartwatch to collect and track the health data of people while ensuring and keeping data privacy and security of the people. VeChain and VSC also share a common vision in this collaboration of promoting health and sustainability through blockchain technology.
The VeChain and VSC partnership could boost the VET price as it could create more demand and use for the VechainThor blockchain as well.
However, by joining forces with VeChain, VSC could access a large and growing health data market, which may increase the network activity and the value of VET as well.
VeChain (VET) crypto surged 3.09% in market value and by 9.06% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data and info website. Its market value is $1,402,807,426 and its trading volume is $66,554,537. There are 72,714,516,834 VET in circulation.
VeChain (VET) open interest is $17.19 Million it fell by 1.43% in the previous session. As per Coinglass, another crypto analysis website, the long versus short ratio for 24 hours is 0.9474. The total number of short positions added in the last 24 hours is $17.30K against longs of $8.74K.
Moreover, the VET crypto has shown good performance in the last three months by surging 4.08% and 18.62% in the last week and showed a rally in recent times.
Therefore, if the VET price can break the previous resistance levels of $0.020 and $0.022 it might continue its rally. If VET can stabilize its ongoing rally and surpass the previous high, the rally may continue.
On the other hand, if the VeChain (VET) price faces resistance and drops, then it might reach new support levels of $0.016 and $0.014 if the bulls lose strength and fail to hold the current level.
Will VET Price Continue to Thrust More?
At the time of publishing, VET is trading above the 20 and 50-day EMAs (exponential moving averages), indicating a bullish trend.
The RSI value (72) and the 14-day SMA (55) are both above the median line, suggesting a strong demand for the crypto. The 14-day SMA also acted as a support level for the RSI, confirming the bullish momentum.
A bullish crossover has occurred as the MACD line (0.00049) and the signal line (0.0001) have moved above the zero line, indicating a possible change in the trend direction.
Conclusion
The VET price is showing a bullish trend with a strong possibility of rising higher in the near future. VET is trading higher at the time of writing and there is a lot of buying pressure on the charts. The technical analysis tools that are used to predict the VET price indicate more potential for growth on the daily chart.
Technical Levels
- Support levels: $0.016 and $0.014
- Resistance levels: $0.020 and $0.022
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.