VET token price analysis: VET token price holds the range

The VET token price is on a strong uptrend and the recent bounce off the demand zone showed a strong move.

VET token price is forming a rounding bottom pattern on a daily time frame.
The pair of VET/BTC is trading at the price level of 0.00000109 with an increase of 2.67% in the past 24 hours.

The VET token price as per the price action is in a strong uptrend. Recently the token price showed an erratic movement after it bounced off the demand zone. The token price has started forming a higher and higher low formation on a daily time frame.

At present, the VET token price is trading above the 50 and 100 MA after strongly breaking it during the recent bullish run. Before the breakout, the token price was facing a strong rejection from these MAs. Moving upwards these MAs can act as a strong demand zone. VET token price can be seen taking support at these MAs during the pullback while being in a bullish trajectory.

VET token price is trading at the upper band of the Bollinger band indicator after showing s strength at the demand zone which led to the bears failing to overpower bulls. As soon as the token price rose to the supply zone, volumes started increasing leading to an increase in volatility. Therefore investors should remain cautious and wait for a clear signal before jumping into it.

The VET token price is forming a routing bottom pattern on a daily time scale

Relative Strength Index (RSI): RSI plotted on the VET/USDT token pair on a daily time frame currently indicates a bullish market. The RSI is hovering above the 50 level, which suggests that the buying pressure is stronger than the selling pressure. Additionally, the RSI has formed higher lows, confirming the upward trend of the market. However, it is worth noting that the RSI is approaching the overbought region, which could signal a potential trend reversal shortly. As such, traders should closely monitor the RSI and other technical indicators for signs of a potential trend change.

Average Directional Movement Index: The current ADX indicator on the VET/USDT token pair on a daily time frame is showing a bullish trend with a value of 40. This indicates that the market trend is strong and bullish. The +DI line is above the -DI line, signifying that the bullish forces are overpowering the bearish forces. Additionally, the ADX line has a strong upward slope, further indicating that the trend is gaining momentum. Based on this information, it is likely that the VET/USDT token pair will continue to trend upward short term.

Supertrend: As of today, the super trend indicator on the VET/USDT token pair on a daily time frame shows a bullish signal. The indicator line is above the candlesticks and the histogram is positive, indicating a strong upward trend. The recent price action has been consistent with this bullish signal, with prices rising steadily over the past few days. However, it is important to keep in mind that the crypto market is highly volatile, and the trend could change at any moment. Traders should continue to monitor the indicator and stay up to date.

Conclusion: The VET token price as the price action suggests, is bullish. On top of that the technical parameters are also seen suggesting a bullish move in the upcoming trading days. An investor should keep an eye on the movement to capture the right move.

Support: $0.021 and $0.019

Resistance: $0.027 and $0.031

Disclaimer

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