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Vechain Exhibits Strong Bullish Potentials Following a Recent Price Spike


coinedition.com 08 November 2022 12:00, UTC
Reading time: ~2 m

Vechain price movement over the last few months has been largely influenced by the overall market trend, with a dip in September following Bitcoin’s price drop and the general market correction. However, VET has recently seen a steady price increase and is currently trading around $0.02669, with bullish signals pointing towards a potential new high of $0.04 in the coming weeks.

Vechain weekly price chart: Coinmarketcap

Some analysts predict that the altcoin’s price may continue surging after remaining above the $0.02 mark for a few weeks, indicating that VET may have found support in this price range. The altcoin has been trading between a range of $0.02453 to $0.02832, suggesting high volatility in the market.

The Bollinger bands also show high volatility, with the bands widening to accommodate the recent price spike. Moreover, the ATR (14) indicator is currently at 0.003326, indicating high market volatility and potential for price movement. The retracement levels for VET also show potential for a bullish scenario, with the 23.6% level at $0.02296 and the 38.2% level at $0.02397, providing support in case of a pullback.

VET/USD daily chart, source: TradingView

Vechain is hovering around the monthly high of $0.02832, indicating the potential for further price growth in the coming weeks. Additionally, the Relative Strength Index indicator used to measure the strength of a trend has moved above the 50 mark, indicating that VET’s market is currently in an uptrend.

However, it is essential to note that there is still a potential for bearish scenarios, with the altcoin potentially dropping below $0.02 if it fails to maintain support above this level. The key resistance levels for Vechain currently stand at $0.0287 and $0.03, with support levels at $0.0250 and $0.0230.

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