VET/USD bullish for the next 24 hours

TL;DR Breakdown

• Vechain price analysis is bullish.
• VET/USD is trading at $0.052.
• Support is stable at the $0.045.

Currently, price action looks like VET is on somewhat of a run. Since the $0.058 mark, price action has dropped to $0.043 and began to rise again to around $0.052. Since then, it’s just been following this ascending channel pattern with no real signs of changing yet.

It seems the Vechain price analysis will remain bullish for the time being, with both MACD and RSI indicators showing Bullish momentum. Price action has been consolidating within the range of $0.045-$0,055 this month, and it looks like that consolidation phase is finally over as price broke out upside from that range. However, there are still 3 more waves until the complete 5th wave can take place before another selloff occurs, which means there’s still alot of upward potential to go.

Vechain is currently ranked at number 17 on coinmarketcap with a market capitalization of $874,260,000, which puts the coin at about 0.0641% of the total crypto-market capitalization. As for now, there is no specific news driving up Vechain’s price momentum, but if you take a look back at their past announcements, it will become clear that this project has alot going for it in terms of positive long-term potential.

VET/USD 1-day price chart: Bullish trend uplifts coin value up to $0.117 high

The bullish breakout from ascending triangle pattern that has been taking place since early December is what’s moving the price of this token up.

Technical indicators support the further upward movement for Vechain in the short term. The bullish trend may slow down after this phase is over. Still, it will probably stay around $0.053-$0.055 before going into consolidation mode for another few days or weeks, which means there’s still alot of potential to go before another selloff occurs. However, if you’re holding out to buy low, then it would be best to wait until price action goes below $0.045 support since only then will you have a higher probability of buying its lower lows rather than its current highs, which may result in your buy order being filled at a much higher price ($0.079) if you decide to enter a long position now.

Vechain price analysis: Recent developments and further technical indications

On the 4-hour chart, there’s a bullish flag pattern developing and an ascending triangle pattern that has been broken through. Price action will continue to fluctuate within the ascending and descending channels for now, and the price will likely make another push upwards before going into consolidation mode.

It seems like there was some fakeout selling during this week’s trading sessions because Vechain seemed to break below $0.050 support for a second, but it recovered almost instantly after that. We are still expecting upward movement until the resistance at $0.070 is broken through. A pullback might occur afterward before moving upwards towards $0.085, which is more likely now.

The oscillator shows a strong bull market with no detected bearish momentum oscillators show no sign of bearish momentum as there seems to be a strong buying sentiment.

On the 4-hour chart, you can see that there’s a bullish trend with a strong buying momentum in place, which means we might see $0.070 resistance broken in the short term. The MACD indicator is also showing solid bullish momentum for Vechain.

Vechain price analysis: Conclusion

Vechain is looking very positive in terms of technical indicators for the short term. Since it is still undervalued, in my opinion, then there’s no question about it that this project has alot of room as we advance, especially if you think about its future applications and how it could interoperate with other public blockchains.

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