Price Analysis

VeChain (VET) Appears Intraday Bullish but Fails to Hold On

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VeChain’s price movement is just like any other altcoins of the market as the negative sentiment lingers, VET/USD drops from a fresh YTD high to currently trading at $0.0108. It was earlier in the previous quarter when the VET coin was seen hitting a fresh YTD high above $0.020 at $0.023 with a brief candlewick rise.

It was only then when an altcoin like VeChain gained enough impetus and traction to hit a fresh All-time High too. However, with a volatile movement recorded over the past quarter, especially in the months of August and September, the VET coin lost a notable amount and weakened by approximately over 50% in around 8-10 weeks.

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However, the 24-hour price movement has led to a slight bullish crossover, but the currency is yet to reclaim the lost support on the 5-hourly chart. But the positive intraday move has led to amplified social activity as per LunarCrush Listening for cryptocurrencies. With an intraday price appreciation of over 5%, there have been 1,342 social mentions leading to 1,661,796 social engagements.

The intraday bounce in VeChain price has led to trading above $0.010 from the 24-hour bottom of $0.0098 to hit a high at $0.0113. However, today, with a volatile start to the trading session, VET has been experiencing a pullback around $0.0105. 

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VET/USD Chart By TradingView

VeChain, at the time of penning down, was justifying the intraday movement after hitting a 24-hour high around $0.0113. Rhyming the same movement on the 5-hourly chart over the past three months, we see that the coin has been sliding after the ATH hit in August 2020 at $0.023.

In this regard, at the coin has pulled back below $0.015 and $0.013, the major supports after the ATH, VET coin lacks active support from the daily MAs. It was until yesterday when VeChain was seen breaching the lower Bollinger Band and the Bands squeeze; we project a breakout soon.

However, after grim support, the intraday recovery lost momentum & traction and, therefore, could not hold the bullish divergence on the MACD chart. The RSI also rose slightly from the oversold region but is still lying inclined towards the support at 42.77.

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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