VeChain (VET) established its all-time high at $0.27 in the previous week. VET coin subsequently suffered from market pullbacks are bearish divergence become dominant in the market. At the time for writing, VeChain stands at a price level of $0.20 – which had observed a decline of 8.07% in the past twenty-four hours. The daily trading volume of VET crypto has increased by 24.23%.
VeChain (VET) Technical Analysis
The market sentiment for the thirteenth largest coin in the market is largely bullish as the pullbacks are expected to be minor and temporary. Out of the 26 technical indicators, fourteen are giving out an indication of buy while eight indicators are neutral and only four are bearish with a sell position. The oscillators are neutral while the moving averages are standing at a strong buy position.
Analyst Trading Shot has identified an upward trend for VeChain (VET) in their price analysis. Per the trader, the one-day 50 Moving Average has been acting as a strong support level for VET crypto since November 2020. The close study of the previous price actions of the coin has also revealed a recurring pattern of pullbacks occurring at systematically increasing Fibonacci levels. The previous pullback, albeit very minor, had occurred at the 3.0 Fibonacci level while the current pullback is at the 3.5 Fibonacci level.
VET coin appears to have broken out of the market retracements and the trader expects the cryptocurrency to head towards $0.40, followed by $0.60. At each price target pullbacks are predicted to occur. In the long run, the trajectory identified by the trader suggests VeChain to be heading near $1 – the 4.5 Fibonacci retracements to occur at $0.80.
What is VeChain (VET)?
VeChain is a blockchain platform designed to aid the supply chain process. The network utilized distributed ledger technology (DLT) to streamline the information flow in complex supply chains in order to increase efficiency throughout the supply chain. The aim of the project is to create a distributed business ecosystem with transparent flow of information. VeChain network has two distinct tokens – VET used for governance and VTHO used as gas token.