The VeChain price continues to trade sideways amid increased price volatility in the crypto market. The coin displayed a notable run during the past week by adding over 36% to its portfolio. Moreover, the VET price has recorded a new yearly high during the early trading hours today, indicating a bullpower in the market.
The VET price traded in a consolidated range between $0.02072 and $0.02313 for about a week, after which the bulls gained power over the bears, resulting in the price breakout of the range.
However, the rally was short-lived as the price faced rejection at $0.02593, after which the price traded sideways for a while. As the market gained momentum, the price jumped over 22% following which it faced rejection at $0.03166.
After multiple attempts and a minor correction in its value, the bulls regained power and jumped over 31%. Following this, the price traded sideways in a narrow space between $0.03166 and $0.03400 for a while, after which the bulls gained just enough momentum to break out of the range.
Since then, the price has been trading in a range between $0.03400 and $0.03687. Recently, the price successfully broke out of its key resistance level, indicating an increased bullish influence in the crypto space.
The technical indicator, MACD, displays a rising green histogram, indicating an increase in buying pressure. Moreover, the averages show a bullish convergence, highlighting the coin is about to gain massive price action this week.
Will VeChain Price Go Up?
If the bulls hold the price above the support level of $0.03687, the VET price will continue gaining value and prepare to test its resistance level of $0.0400 in the coming days.
Maintaining the price at that level will set the stage for VeChain price to attempt to test its upper resistance level of $0.0420 this month.
Negatively, if a trend reversal occurs, the Vet token will lose momentum and fall to test its support level of $0.0340 soon. Further, if the bears continue to dominate the market, it will fall and prepare to test its lower support level of $0.03166 in the coming week.
Credit: Source link