VeChain price has started to move with stability in the last couple of days. The currency has been trading between the price range of $0.0044 to $0.0046. While the VET coin is consolidating there, the market is witnessing a battle between bulls and bears.
VeChain Price Analysis
Right now, VeChain is just about to have a breakout, either bullish or bearish. If it manages to have an effective uptrend, then the price can shoot up above $0.0048 soon. While if the bears succeed, VET/USD may have to test the support level at $0.0042. A rally above $0.0047 can take place over the next couple of nights if pullbacks interrupt.
At Present, an upside scenario is more likely to occur as VeChain has come up with a new update this month. VeChain has become the sole public blockchain protocol Of APAC Provenance Council, a cross-continental Food Supply Chain & Finance Consortium. The council is going to use VeChain ToolChain to add efficiency and safety to its food supply chain.
Over the last 4 days, the VET price has surged by more than 17%. It is testing resistance at $0.0045 since today morning. The price range between $0.0042 to $0.0039 stands out as a support area here.
VeChain price is above the 200-day EMA line while the moving averages are forming a bullish crossover. On the other hand, the MACD chart is in the bearish zone.