Price Analysis

VeChain Retains Complete Support; No Volatile Movement Projected

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VeChain has been one of those digital assets that have now got a lot of social media impetus after Verge due to a recent spike in price. Moreover, VeChain is many times compared with Ethereum and is believed to take over Ethereum as the former is now the leading dApp platform in terms if developer growth.

Additionally, VeChain is now profoundly known as the “enterprise blockchain,” and the product is soon going to lead to the most flourishing branch of the crypto market, which is DeFi—Decentralized Finance.

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With this, VeChain’s social media appearance has taken an edge in the market along with many such altcoins that have made bullish crossovers and hit fresh highs in this altcoin season. VET token has elevated its social engagement and is now up by 123.8%. The increase in social media has led to the increasing adoption of the token over the period of time.

VeChain Price Analysis

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VET/USD Chart By TradingView

On the half-hourly chart, VeChain has gained a stupefying momentum against the US Dollar and has gained over 17% since the start of the ongoing month until the recent high that was hit in the opening hours today. VET has reclaimed 3-week resistance, and on the half-hourly chart, the coin is retaining complete support from 50-day and 200-day MA at $0.00966 and $0.0090, respectively.

However, the intraday pullback has led to bearish crossover on the MACD chart as the coin currently trades at $0.00999. The RSI of VeChain is lying at 57.41 and is inclined towards the overbought region due to recent bullish intraday price action. The major support and resistance to watch out for lies at $0.0095 and $0.0104 on the intraday chart.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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