Vechain Price Analysis: VET Token Price May Ride The Bulls Soon

  • Vechain has been in a downtrend for the past two weeks. Meanwhile, Vechain is working towards the carbon neutrality and plastic control for the better future
  • Technical indicators of VET price suggest a consolidated momentum . In contrast, the price soared 18% after the carbon neutral news from Vechain

VET token price is trading at $0.127 with a gain of 18% in the intraday session. The ROI for Vechain is 723% since its inception. It is less in comparison to the prominent tokens present in the market. The market capitalization along with the volume of the coin has seen an increase of 15% in the last 24 hours. VET price is currently trading below the 50 and 100 Exponential Moving Average. The 100 EMA line is close to $0.13 making it a temporary resistance for the price.

Vechain will be working towards carbon neutrality and plastic control with NDRC. VET will be providing help to achieve data transparent collaboration in raw materials, productions and applications. It will help the enterprises to adapt more environment friendly applications. The carbon neutrality step of Vechain can help the price to go to the moon.

Technical Indicators Hints At A Bullish Trend For VET Token Price

Source: Trading view

Vechain has formed a small bullish engulfing pattern on the daily chart. It hints at a probability of uptrend in upcoming weeks . The coin’s resistance on the upside can be seen at $0.2, and on the downside, a bounce back can be expected from $0.08. VET price is currently trailing close to the 100 EMA. If the price goes above the 100 ema then one can expect a strong bullish momentum in the asset . 

VET/BTC pair is also seeing a bullish momentum and can break the previous resistance of the past. One should wait for the price action before investing into it.

MACD(Bullish): MACD is currently in the bearish zone with a hint of bullish momentum. There is a positive crossover in the signal line which suggests an uptrend in price. The overall sentiment of the RSI is bullish.


Conclusion

VET price gains have been erased in the recent downtrend . It can see a reversal in the trend in upcoming days. VET/BTC pair can also accompany the gains in the future. An Investor can do their due diligence before investing..

Technical Levels

Major Support:$0.08

Major Resistance:$0.2

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