Vechain price analysis: VET continues bullish flight as price touches $0.053

TL;DR Breakdown

• Vechain price analysis is bullish.
• Price has heightened up to $0.053.
• Support is stable at the $0.048 level.

Vechain price analysis is in favor of bulls for today as a further increase in price has been observed today. The market has been following a bullish trend since 28th February. Previously the cryptocurrency was facing loss as the bearish trend was following, but now the circumstances have turned in favor of the bullish side as the price action has been able to reach $0.053 after continuous bullish efforts. However, price oscillations have been slow since yesterday, which hints at a correction to take place as well; nonetheless, bulls also seem determined to keep leading.

VET/USD 1-day price chart: Bullish trend helps increase coin price to $0.053

The price is going up once again as a bullish trend has been confirmed from the one-day Vechain price analysis. VET/USD pair is trading hands at $0.053 at the time of writing after being on the upwards trend steadily since 28th February. The crypto pair has gained a value of 2.65 percent during the last 24 hours and has gained a value of 14.17 percent over the past week. The trading volume has also been down by 0.96 percent, which is also a contributing factor for the low price oscillation, but the market cap has increased by 0.77 percent over the past day.

Furthermore, the volatility has been towards the higher side but on a decreasing pattern, which is yet a bearish sign. The upper limit of the Bollinger bands is at $0.062, whereas the lower band value is at $0.042, representing support for the coin. The Relative Strength Index (RSI) is moving upwards towards the center of the neutral region at index 49.

Vechain price analysis: Recent developments and further technical indications

The four hours Vechain price analysis is showing signs of strengthening of the bullish momentum as the price underwent further increase during the last four hours. An uptrend has been dominating the charts, as the bulls have been continuously showing their presence on price charts for the last 16 hours after a short correction. Today, the bulls have succeeded in continuing their lead, and all the candlesticks for today are green. The price level is still below the moving average value, which is standing at $0.052 for now. However, as the price function is upwards but the price oscillation is slow, and a correction might be on its way.

The volatility has been high noticeably, which means that chances of a correction may come in the coming hours. The Bollinger Bands Indicator is dictating the following values; the upper value is currently at $0.055, representing resistance, whereas the lower value is at $0.043, representing support for VET. The RSI curve is continuously moving up, but the movement is slow, and the RSI level has now reached index 67. The RSI is comparatively at a quite better level on the 4-hour chart than the 1-day chart.

Vechain price analysis conclusion

The price is headed up once again, as it has been confirmed from the one-day and four hours Vechain price analysis. The price has followed an upward movement today because of the bullish trend dominating the market. As bulls have been in the driving seat for the past 16 hours, a correction may appear in the coming hours if bears show any activity. But if the buying momentum continues, then VET may continue upside above $0.053.

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.

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• Source: https://www.cryptopolitan.com/vechain-price-analysis-2022-03-02/