VeChain News

VeChain Strengthens in the intraday; Trades Around $0.018

VeChain (VET), at the time of writing, resorted to a price of around $0.018 for the second time in a 7-day timeframe. As we are on the last day of the month, VET coin is back to trading with a bullish sentiment after shifting sideways below $0.0150. The entire month has been a gainer for many altcoins of the market like Cardano, Chainlink, Verge, VeChain, etc.

After a gradual fall in the previous month, the ongoing month helped with a notable recovery, and the closing is drawing a positive sentiment in the market. It was just towards the end of the ongoing month when Bitcoin price went beyond $10k and is now above $11k.

VeChain, in the ongoing month, went as high as $0.022 against the greenback and has pulled back below $0.020 gradually. From trading around $0.000135 during the market crash in March, VET has gained massively over 1000% and is trading at $0.0179 after breaching the intraday price above $0.0180.

VeChain Price Analysis

VeChain, over the past seven days, exhibited a downtrend and has tested 7-day low at $0.0143. VET/USD has strengthened by approximately 99% in a period of 5 days. With a bullish intraday crossover, the price trend of the coin is breaching above the upper 20-day Bollinger Band. However, the 20-day Bollinger Bands are not seen widening, and therefore, we do not project any volatility.

With the recent rise above $11k, BTC seems to have entered in a bullish phase, and therefore, the altcoin market has gained complete support. VeChain, at the press time, was holding complete support from 50-day and 200-day daily MA at around $0.016 on the intraday chart.

The technicals laid are confirming the bullish crossover, as the MACD line extends for a crossover above the signal line on the intraday MACD chart. With the recent spike in the price of VET, the RSI is seen inclining towards the overbought region at 65.85.

Lili Chuang

Lili Chuang is a finance professional with an experience of over a decade in news writing. Recently, she has joined the CoinNewSpan team as a sub-editor. She is a firm believer of blockchain technology and cryptocurrencies. She curates contents regarding the latest insights into the crypto-market. In her free time, she loves to explore new places and connect with influential people of crypto space.

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