VeChain’s (VET) price surged to a new all-time high early in the week on Mar. 15 as its real use case boosted the upside risk mode. The advance signaled the continuation of the bullish run seen in past days, with buyers searching for fresh extensions higher.
*VET/USD shows positive signs as the uptrend aims toward the $1.0 region
*Price action needs to move higher past $0.0902 high
*NFT technology on VeChainThor blockchain
Immediate analysis implies that the VET/USD shows positive signs as the uptrend aims toward the $1.0 region. Price action needs to move higher past $0.0902 high to avoid a near-term mild pullback. A key technical battle may ensue as bulls need to defend the weekly $0.0670 low level. VeChain (VET) is currently valued at $0.0846 and is the 19th largest cryptocurrency with a market cap of $5,455,962,157 (mainly driven by its extraordinary total supply of 64,315,576,989 tokens). Up nearly 150% from its Feb. 23 low point the market sentiment towards VeChain continues to trend positively.
NFT Technology on VeChainThor Blockchain
Thanks to VeChain’s blockchain technology, companies have used the protocol to create unique tokenized assets. VeChain remains the leader in the real-world deployment of NFT and blockchain technologies, generating real-world commercial value from a public blockchain to date. VeChain fundamental developments have provided the boost for its bullish price signaling the continuation of the up-move.
VET Daily Chart: Bullish
On the daily chart, price action is showing another strong move up. Although price action needs to move up much higher to confirm a breakout of the upside channel top at $0.0902. The price action needs to reach at least a $1.0 level without any major pullback to confirm the fresh extension higher.
A retracement below the immediate horizontal support level at $0.0739 places this bullish outlook on hold and further lower invalidates its traction inside the ascending channel, although the overall uptrend could still be valid. Only light pullbacks are expected in the next 3 subsequent sessions.
VET 4-Hour Chart: Bullish
The bullish moving average (MA 50) and (MA 200), remains steady and the price has been using the 50 day MA (red line) as support during its most recent uptrend. Although the MA is poor at spotting market inflection points, it does lend credence to the bull notion for VET (continuous uptrend). Additionally, volume increased during the first up uptrend but may ease for mild correction.
This is potentially a positive sign for the price given the recent decline to $0.0340 on the 4-hour chart has been on low volume (see blue line MA 200). Since price did withstand this first pullback and VeChain bounced with limited resistance, increased buying volume is likely to resume. However, If buyers start to book profit, the price could risk retracing to a key demand zone in the near term at $0.0700 and 4 hour MA 50 area.
Resistance Levels: $1.100, $1.000, $0.0908
Support levels: $0.0739, $0.0670, $0.0569
Image Credit; Tradingview
Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.