Recent Vechain price analysis reveals the altcoin is in a strong uptrend and is eying a break above the $0.03 mark.Vechain opened the daily trading session at an intra-day low of $0.02524. The altcoin surged over the next few hours, reaching a high of $0.02702 before settling at its current price of $0.02669.
Vechain has gained 8.52 in the last 24 hours and the buying pressure continues to build up on the hourly and 4-hour timeframes.
VET/USD price action:Coinmarketcap
Vechain is currently ranked as the 32nd largest cryptocurrency with a market cap of $1.93 billion and a 24 hour trading volume of $260,549,072.49.Investors seem to be interested in VET cryptocurrency as the trading volume has seen a significant increase of 263% in the last 24 hours.
Vechain further technical indications
Vechain’s technical indicators are also showing strong buying pressure, with both the RSI and MACD on the hourly time frame indicating bullish momentum. The altcoin is also trading above key support levels at $0.025 and $0.026, suggesting that it could potentially break above the next resistance level at $0.028 in the near future.
VET/USD daily price chart:TradingView
Further technical indications reveal the altcoin is trading above the important moving average lines, with the 50-day and 200-day MA both acting as support levels.Vechan’s technical analysis on the daily timeframe indicates VET is following an ascending channel pattern, with the next potential resistance level at $0.03.
The 200 SMA has also recently crossed above the 50 SMA, indicating that Vechain is in a long term uptrend.The Fibonacci retracement tool also reveals Vechain is above the 23.6% and 38.2% retracement levels, suggesting that it could continue to climb higher in the coming days.
VET/USD 4-hour price chart:TradingView
Vechain price analysis conclusion
Overall, analysts are bullish on Vechain’s near-term price trend and expect it to break above the $0.03 mark in the near future.However,if bulls fail to maintain the current momentum, Vechain could potentially face some resistance at $0.028 and may see a correction to key support levels at $0.025 and $0.024.
