The Vechain price analysis suggests a bullish trend for today. The price break-up was downwards at the start of today’s trading session, but later on, bulls took the lead back and the VET/USD pair price started covering the range upwards. The bullish momentum seems strong as the bulls made an impactful comeback, and enhanced the price up to $0.033. The increase in price is small, but it shows the continuation of the ongoing bullish trend.
VET/USD 1-day price chart: Bulls to challenge $0.038 resistance
The 1-day price chart for the Vechain price analysis shows an increase in price has been observed, and the short-term trend line is forming upwards. The bulls are successfully carrying their lead for the last five days. Overall VET/USD pair gained a value of more than 2.7 percent during the last 24 hours and has gained a value of around eight percent over the past week. The trading volume has also increased by 32.5 percent.
The Bollinger bands have converged sharply due to lesser price oscillation over the past few days, the upper band is present at the $0.034 level representing resistance for VET price and the lower band is at the 0.028 level representing the support for VET. The moving average (MA) is trading below the price level at the $0.031 mark.
The relative strength index (RSI) is in the lower half of the neutral zone. Though the indicator is neutral, it suggests an increase in the buying activity in the market as the RSI slope is upward, indicating the bullish activity.
Vechain price analysis: Recent developments and further technical indications
The 4-hour price chart for the Vechain price analysis shows an increase in price up to $0.033. The bearish activity can also be seen for the past few hours on the 4-hour chart where bears hindered the upwards price movement, but the last four hours show bullish momentum.
Another bullish indication is the upwards movement of both ends of the Bollinger bands and their vast divergence. The upper band has traveled to the $0.034 level as the price nears it, and the lower band has traveled to the $0.028 mark, forming an average at the $0.031 level below the price. The upward breakout of the indicator hints at a possibility of more upwards price movement in the coming hour. The RSI has moved up to index 67 on the hourly chart, showing the buying activity as it nears the border of the overbought region.
Vechain price analysis: Conclusion
The Vechain price analysis suggests the market sentiment is positive towards the cryptocurrency, and the bullish momentum is strong. Moreover, the short-term technical indications also support the bullish trend. It is expected that the VET/USD crypto pair price will rise further in the coming hours.
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Source: https://www.cryptopolitan.com/vechain-price-analysis-2022-06-01/