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Vikram
Mar 28, 2022
by Vikram

VET Technical Analysis: Buyers Plan To Outperform 200-day EMA 

VET
VET coin price shows a remarkable, bullish recovery of 40% in the last 48 hours resulting in the $0.075 breakout. Should you join the ongoing rally?

Key technical points:

  • VET coin price approaches the 200-day EMA.

  • In addition, the RSI slope extends into the overbought territory.

  • Finally, the 24-hour trading volume of VeChainis $2.23 Billion, marking a 175% rise. 

    • Past Performance of VET

    VET coin price gives a bullish breakout of the double bottom mentioned in our previous article, resulting in a price jump of 40% in the last 48 hours. The rally surpasses 50 and 100-day EMA and the crucial mark of $0.075. However, the rally struggles near the 200-day EMA at the $0.080 mark. 

    TradingView Chart

    VET Technical Analysis 

    VET coin price displays a rounding bottom breakout with a $0.070 horizontal level neckline in the daily chart. The breakout rally forms a remarkable, bullish engulfing candlestick with higher price rejection from the $0.080 mark.

    Vechain token price trades above the most crucial EMAs in the daily chart, except the 200-day EMA. However, if the uptrend continues, we can observe the EMAs giving bullish crossovers. 

    RSI Indicator: The RSI slope extends higher into the overbought territory with the spike from the central line in the daily chart. Hence, the indicator shows a remarkable recovery in the underlying bullishness.

    MACD Indicator: The MACD and signal lines surpass the zero value and enter the positive territory in a bullish alignment. Furthermore, the increasing intensity of the bullish histograms reflects the growth in buying pressure. 

    In a nutshell, the VET technical analysis showcases a jump in buying pressure that may shortly surpass the 200-day EMA.

    Upcoming Trend 

    VET coin price can experience a further increase in buying pressure with the collapse of the 200-day EMA. Hence, the breakout rally anticipates a potential of reaching the $0.10 mark, accounting for a 20% jump. 

    On the other hand, a reversal from the trend defining EMA will delay the bullish rally with a rounding bottom retest. 

    Support Levels: $0.070 and $0.060

    Resistance Levels: $0.080 and $0.10

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    VeChain VET
    VET Technical Analysis: Buyers Plan To Outperform 200-day EMA 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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