VeChain, one of the top 30 cryptos of the global market, is seen trading with yet another spiking momentum after having tested 4-month support as low as $0.00855. VET coin has definitely gained handsomely from $0.00855 to current trade above $0.0150, currently trading at $0.0164, having strengthened by over 90% in less than 30 days.
The #VeChain blockchain continues to get upgraded as we make steady progress to be the #1 Public Blockchain platform for dApps.
— VeChain Foundation (@vechainofficial) November 24, 2020
Since the last week, VeChain price has been spurring and already breaching the upper 20-day Bollinger Band on the daily chart, drawing an exact bullish sentiment. With the VET coin’s current trading price being above $0.0150, the major resistance area happens to be $0.020 and $0.022.
#VeChain is on?#VET is back in the bullish zone of the #Ichimoku Cloud on the daily chart! If $VET breaks through the 23.6% #Fibonacci level then we'll head for $0.0229 ?? @vechainofficial @VeChainStats @vechaininsider #VET #VeFam #blockchain $VET #cryptocurrency #Crypto pic.twitter.com/rGCmBkpjuR
— entertheroach (@entertheroach) December 2, 2020
The current price momentum of VET/USD is a clear positive signal, unlike the altcoins of the market that were seen correcting after the previous week’s pullback. Read the below analysis to know more about the VeChain price trend.
VeChain Price Analysis
At the time of penning down this analysis, VET/USD was spotted at $0.0164, with an apparent inclination towards the upper band, drawing a notable bullish crossover on the daily MACD chart. The MACD line is clearly crossing above the signal line after the price of VeChain rose above $0.0100. With the gain in VET coin price, it is retaining complete support from 50-day and 200-day MA at $0.0122 and $0.0128, respectively.
However, the current strengthening in the price of VeChain is yet to reclaim the lost high that it hit in the previous quarter marking a YTD high at $0.023. The RSI of the coin is also inclined towards the overbought region at 62.50 due to a gain in demand led by price.