Price Analysis

VeChain (VET) Lacks Momentum Yet Marks a Moderate Comeback After YTD Low

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VeChain hits the dart with an opportunity to splurge in the management of healthcare data by partnering with I-Dante in order to solve the issues that come up to manage the healthcare data otherwise. In this regard, VeChain, along with I-Dante, exercised the ability to transform the traditional healthcare management data to a blockchain-backed medical data management platform named the E-New Health Life.

With a number of COVID-19 patients increasing day-by-day, blockchain-based VeChain has made an amazing breakthrough. And along with that, the number of VET addresses reflected consistent growth compared to last year by 5X times.

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This rightly emphasizes on how the markets and sectors worldwide are benefitting and coming up with blockchain-based solutions helping elevate the game of cryptocurrencies and related tokens. Crypto and blockchain are two new words that can be reciprocated for growth and development in the greater world and are likely to bless the world after this Pandemic due to its prominent feature of being digitalized.

VeChain Price Analysis

The YTD chart and statistics for VET/USD are as follows:

VET News
VET/USD Chart By TradingView

On the 12-hourly chart, the price trend of VeChain is hitting above 38.20% Fib Retracement level against the US Dollar and is seen rising after the YTD low at $0.00152. After a steep candlestick downturn in the early half of March 2020, there was an intermittent candle wick spike above 50.0% right after 30 days in the first half of April 2020.

After the moderate volatile hit in the first three months of the year, VeChain price has recorded a YTD high and low at $0.00851 and $0.00152. While currently lacks momentum and appears flat since the beginning of the ongoing month. Moreover, due to a lack of steady traction, VET coin is unable to regain support from 50-day and 200-day MA and is facing a strict resistance around 50.0% Fib Retracement level around $0.0050 price area.

The technicals are confirming the flatline as the MACD turns flat since the mid of the last time until the press time due to lack of elevation in the intraday. Simultaneously, the RSI of VeChain lies at 49.16 but holds no trading extremities due to no record of steep rise or fall lately.

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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