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VeChain price appears unbothered by a bearish wave that has been traversing the market since the weekend. The largest cryptocurrency by market capitalization, Bitcoin (BTC) led the rest of the market on a significant upswing last week, where it tagged new 2023 highs around $25,134. VET was not left behind, considering its trading 30% up in 7 days.
Bulls are required to push for a daily close above $0.30 to keep the uptrend. On the other hand, a break and hold above resistance at $0.35 would go a long to strengthen the bulls’ presence in the market and open the door to gains aiming for $0.10.
VeChain Price Prepares For The Next Move To $0.1
VeChain price is generally in a bullish market, like has been the case for the majority of cryptos since the beginning of year. As observed on the daily chart below, VET’s value is up 107% from January 1, following December lows of 0.0153.
Initially, resistance at $0.0250 stalled the rally reinforced by the 200-day Exponential Moving Average (EMA) (in purple). However, bulls moved swiftly and stopped the losses at $0.0225 – a support provided by the 50-day EMA (in red) in conjunction with the lower falling trend line.
The pullback, although uncalled for, allowed sidelined investors to take advantage of the lower-priced VET tokens to fill their bags and board the $0.1-bound flight. The second break above $0.25 brought into play the element of FOMO.
VeChain price stretched the leg further, pushing the upper trend line resistance into the rearview mirror. The biggest task for the bulls to secure support above $0.30 to absorb the pressure from investors choosing to lock in their gains.
The supply zone highlighted in the yellow band could stall the uptrend, possibly leading to a retracement back to the upper falling trendline.
Nevertheless, bullish traders can sit tight knowing that the path with the least resistance is to the upside. For starters, the Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook while flaunting a buy signal.
This call to buy VET manifested as the MACD line in blue crossed above the signal line in red. Moreover, the momentum indicator is bouncing off the mean line at 0.00, a situation likely to keep the uptrend in VeChain price intact.
Other key levels traders should keep in mind is a recently presented golden cross. VeChain price was able to quickly resume the uptrend because investors were willing to back the probable upswing in price first to $0.03 and later to $0.05 and $0.10, respectively.
A golden cross is formed when a shorter time frame moving average crosses above a longer term one. Like in VET’s case, the 50-day EMA (in red) flipped above the 100-day EMA (in blue).
If VeChain’s bullish narrative stays intact over the coming days, investors could be treated to another golden cross—this time formed with the 50-day EMA crossing above the 200-day EMA (in purple).
Most cryptocurrency assets often confirm bull markets with this particular golden cross pattern. For instance, Bitcoin price has often rallied by average of 20% following the formation of a golden cross.
VeChain Alternatives To Consider Buying Today
Before you buy VeChain, you may want to look into other best altcoins to buy for 2023 along with VET. Our team of experts has carefully selected a number of the best crypto presales for 2023, which could give above-average returns.
We review the cryptocurrencies for this list every week to provide you with crypto projects that offer a better risk-to-reward ratio.
The first project in this week’s list is Fight Out, a cutting-edge Web3 fitness platform is the best option for those looking to establish healthy move-to-earn routines. Given how affordable the ecosystem intends to make the fitness lifestyle, selling FGHT in a presale has not proven to be challenging.
Due to its simple and direct and user-friendly technological solutions, Fight Out has positioned itself as the best link between Web2 users and the Web3 world. Every user’s needs and goals will be recorded from the start thanks to a fitness application, currently being developed. Fight Out’s presale has raised over $4.39 million with the price increasing in 12-hour intervals at the moment.
Similarly, C+Charge is one of the best altcoins to buy this weekend for its contribution to the green climate movement. EV drivers will for the first time, tap into the fast-growing carbon credit industry using blockchain solutions from C+Charge.
The carbon credit market, with an estimated value of $2.4 trillion by 2027, has been primarily controlled by major firms like Tesla. In this field, firms that comply with certain emissions regulations can earn carbon credits, which can then be bought and sold on an open market.
It aims to democratize the carbon credit industry by enabling EV drivers to earn carbon credits every time they pay using CCHG at charging stations. C+Charge presale is underway and in its second round with over $1.27 million raised.
The Metaverse has taken the world by Storm, with companies like Facebook – now Meta, drastically changing their business models to incorporate elements of life in virtual worlds.
The team behind RobotEra believes it is the best crypto to harness the power of blockchain technology to create a metaverse that links other worlds. For instance, users within the ecosystem can access theme parks, concerts, art galleries, and much more.
TARO is selling out in a presale that has raised $919k, far ahead of the token’s first listing.
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Source: https://insidebitcoins.com/news/vechain-price-pumps-8-to-trade-at-0-03-can-this-layer-1-blockchain-protocol-reach-0-1