Vechain price analysis: VET bulls mark 8 percent gains, as the market revives

TL;DR Breakdown

• The Vechain price analysis is bullish.
• Price has heightened up to $0.053.
• Support for VET/USD is stable at the $0.045 level.

The bulls are striving to make a comeback, and so far, their efforts have been fruitful as the price has finally started to recover today. The sellers have been active earlier, and a constant downswing has been following the market for the past few weeks as the overall lead has been for the bears. The price breakout was downwards for today as well, and the price function remained downwards for eight hours, But now, the bulls are participating again as the price increased up to $0.053 today, gaining around eight percent value. However, the trading volume is low as it has decreased by 24 percent overnight.

VET/USD 1-day price chart: Bullish trend uplifts coin value up to $0.053 high

The 1-day Vechain price analysis confirms that chances of recovery are rising for the bulls because of a sudden reversal in trends. The bears have been dominating the price charts for the past few weeks as more selling activity occurred. But today, strong resistance from the bullish side was observed and the coin rejected further downside below $0.050, and the price increased up to $0.053 height. The price is still lower than its moving average (MA) value which is trading at the $0.061 mark.

As the price has been undergoing a continuous decline for the past few weeks, the Bollinger Bands average has dropped to $0.070. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $0.091, representing resistance, while its lower end is at $0.049, representing the strongest support. The Relative Strength Index (RSI) score is now 28 after today’s recovery, but the indicator is still trading in the undersold region.

Vechain price analysis: Recent developments and further technical indications

The 4-hour Vechain price analysis predicts a bullish trend as after a slight decline in VET/USD price, the trend changed, and the price started to recover. Although the bears controlled the market trends earlier, the latest development has been in the bullish direction. The price is now settling down at $0.054 as a result of the latest bullish return. The short-term trending line is now moving ascendingly due to the current uptrend. At the same time, the moving average value at present is $0.050.

The volatility is mild but may increase, which means there is a high probability that an uptrend is coming ahead. The upper end of the Bollinger Bands Indicator is at $0.055, whereas its lower limit is at $0.046. The RSI score is now 48, which is quite a neutral figure.

A strong bearish trend has been dominating the market over the period of the past two months, hence the bearish indication. The majority of technical indicators support the sellers by giving a bearish hint. 14 indicators are on the selling side; eight indicators are on the neutral side, while only four are on the buying side.

Vechain price analysis conclusion

The Vechain price analysis is bullish as it is predicting an uptrend for the day as the price follows an increasing movement. Green candlesticks are marking a recovery for the bulls as the price has heightened up to the $0.054 mark. We can expect a rise in buying momentum in the upcoming weeks if the buyers perform persistently.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.