Price Analysis

VeChain (VET) Breaches 4-Month Long Resistance with Astounding Momentum

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VeChain has been marking a perplexing price movement, and it was just yesterday when the coin has hit almost 4-month resistance at $0.00779, after hitting bottom at $0.00140. VET has made a startling rebound after the first as well as the second crash of the year that in March and at the onset of the ongoing month respectively against the US Dollar.

Now, over the past three days, VET/USD has been on a bullish streak after a brief consolidation in the previous week succeeding in the brief crash. VeChain is now retaining good support from 50-day and 200-day MA on the hourly chart after rising from the price area of $0.0072. Moreover, the coin is holding an amazing intraday traction since yesterday, and it over the past 24 hours, the VET coin broke the major resistance, towards the closing hour yesterday.

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VeChain Price Analysis

VeChain (VET) Price News
VET/USD Chart By TradingView

On the hourly chart, VeChain is holding an amazing momentum since the start of the month against the US Dollar. It is retaining grounded support from the imminent daily moving averages at $0.00745 and $0.00710. More importantly, VeChain has been gaining enough traction in comparison to that of Bitcoin and major altcoins like Ethereum and XRP. Splurging in the intraday trade will be a sure shot for the traders today, and at the press time, VET price was trading at $0.00778.

Technical Indicators

MACD is holding a bearish crossover due to slight intraday pullback after hitting the 4-month long resistance and is real-time bearish while it is bullish comparatively. The RSI of the VeChain is at 61.94 and is hitting around the overbought region due to a startling intraday momentum.

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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