TL;DR Breakdown
- VeChain price analysis suggests upwards movement to $0.08800
- The closest support level lies at $0.08500
- VET faces resistance at the $0.08800 mark
The VeChain price analysis shows that the bulls were able to find strong support at $0.08100 that enabled the buyers to initiate a rally above the $0.08500 mark. While the price action finds short-term resistance at $0.08650, the market sentiment is bullish suggesting upwards movement.
The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include ICP and DOT recording an 8.88 and an 8.02 percent incline, respectively.
VeChain price analysis: VET recovers $0.08500
Across the technical indicators, the MACD is currently bullish as expressed by the green color of the histogram. The indicator shows strong bullish momentum at press time which has been increasing in recent hours as observed in the darker shade of the histogram. However, if VET observes a rejection at the $0.08650 mark, the indicator would soon show decreasing bullish momentum as the bearish pressure increases.
The EMAs are currently trading around low but close to the mean position as the VeChain price analysis observes low net activity over the past few days. However, as VET has observed a significant price hike in the last 48-hours, both of the EMAs show strong upwards movement. However, the recent resistance at $0.08650
The RSI is currently neutral and trades above the mean level showing slight bullish dominance over the price action. The indicator hovers at 50.35 index units moving upwards as VET crosses the $0.08650 resistance level. Furthermore, the neutral position of the indicator shows that VET has room for significant bullish movement before the asset would need a trend correction.
The Bollinger Bands are currently narrow but show divergence as the price action shows bullish activity climbing above the indicator’s mean line. However, the price action has room for movement till the $0.08746 mark before the bands would need to expand to accommodate the price movements. The bands mean line provides a support at the $0.08481 while further down the lower limit provides support at $0.08215.
Technical analysis for VET/USDT
Overall, the 4-hour VeChain price analysis issues a neutral signal with a slight bearish bias as the analysis shows eight indicators supporting either side of the market while the remaining ten indicators sit on the fence and do not issue support for either side of the market. The analysis shows a turnover of momentum from the bears across the mid-term charts to the bulls that show dominance over the short-term movements.
The 24-hour VeChain price analysis, on the other hand, issues a sell signal showing 12 indicators suggesting downwards movement against only four indicators suggesting an upwards trend for VET. The analysis shows that bearish pressure still weighs on the price action across the mid-term charts. At the same time, ten indicators remain neutral and do not issue any signals at press time.
What to expect from the VeChain price analysis?
The VeChain price analysis shows that after finding strong support at the $0.08100 level, the bulls were enabled to initiate a trend reversal and have recovered the $0.08600 mark at press time. The price action finds short-term resistance at $0.08650 which might cause the bulls to stumble. However, the market sentiment is highly bullish suggesting further upwards movements.
Currently, traders should expect the VeChain price analysis to move upwards towards the $0.08750 mark as the bulls take over the market. The suggestion is reinforced by the short-term technicals and while the mid-term technical analyses are in disagreement they are slowly reacting to recent market movements as observed in the 4-hour analysis. The bullish sentiment suggests an upwards breakout from the level to the $0.08800 mark.
Source: https://www.cryptopolitan.com/vechain-price-analysis-2022-01-02/