Vechain Price Prediction: Bulls overpowering bears and moving up

• Bulls attempting to grab control The Vechain market is up, but the bears are putting up barriers to stop the upward trend.
• The current price of VET is approx  $0.03123 with an increase of 3.64% during the last intraday trading session. 
• The pair of VET/BTC is around 0.000001256 BTC.

The bulls are attempting to acquire the market of Vechain and bring some upward momentum, reversing the bearish trend. The bull’s strategies are this time making them more attracted to their target, despite the bear’s harsh attempts to maintain the downward trend. A surge of excitement has scattered among investors as a result of this upward trend followed by VET. Investors keep a close watch on the Vechain as it approaches its resistance over the daily price chart. As the bears are continuously trying to enter the trade and manipulate the market of VET. We’ve to stay and watch. Will the bullish trend sustain, or will the bears drag Vechain’s price to bear’s targets?

Vechain’s price is now hovering at $0.03123 and has grown by 3.64% during the intraday trading period. The VET/BTC pair is now at about 0.000001256 BTC. The upward momentum in the price of VET has caused whales to move, which has allowed bears to manipulate the market. However, this time, the bulls have a solid plan for the coin, and the price of the coin may rise in the direction they want. To defeat the bulls, hit specified goals, and resume the bearish trend, the bears must pull up their socks. 

The primary resistance of approximately $0.03346 may be reached by the advancing momentum. The price may increase up to secondary resistance at $0.05365 if the bulls are successful in surmounting the obstacles put up by the bears. Moreover, if the bulls show signs of weakness, the bear may gain control and cause the price to fall near the primary support, which is about $0.02219. and if the downward trend persists, the coin’s price might rise to the secondary support of $0.01508.

The coin’s volume has increased by 144.14% during the past 24 hours. Investors will have the chance to place trades if the present upward trend continues, as the steady increase in volume indicates that short-selling pressure is decreasing. If the bears remained frozen, the whales would start to breach. This implies that bears are making an effort to enter the trade; the outcome will indicate whether bulls or bears are successful. 

The Technical Analysis of Vechain

The technical indicator shows the following: The sellers must buckle under to reset the price of the VET since the relative strength index is in the overbought region and the buying is intensifying. The RSI at this moment is 71.39, which is above the average RSI. The RSI average is 58.76. While the price is still trading above the 20,50,100,200 days of the Daily Moving Average.

Conclusion

The market trend of the VET is bullish the coin is under bullish dominance. The coin is gradually increasing which is a piece of good news for investors. Now as the coin is gaining its potential investors are getting more attracted towards the Vechain. The current price of the coin is $0.03123 and has increased by 3.64% in the last 24 hours.

Technical Levels

Support Levels:  $0.02219. and  $0.01508

Resistance Levels:  $0.03346 and  $0.05365

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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