After the remarkable price action it enjoyed in recent months, VeChain made headlines. While VET was strongly rejected after an all-time high of $0,0845, it looks like it’s ready for a new leg.
Price force powered by the increased user base VeChain
The volume profile of VeChain’s rally was fine since the end of February. As seen on the 12 hour chart below, with above average volumes on green candlesticks and less than average volumes on red candlesticks. The conduct of this market could be regarded as bullish.
The ongoing confirmation of the RSI with any new high price rises the positive outlook It demonstrates a powerful dynamic.
Further upward pressure may drive the price of VeChain to an increase of $0.0976 to 3.618. The rise will be a 43 percent gain from the current positioning of the lower trend of the channel. However, in order to affirm the booming outlook, VeChain prices must keep $0,070 above the support pattern of the channel. If this fails, the downswing may be set to $0.0610 – $0.0609 whereby the backlot of $382 reaches the highest amount of February.
The next price support consists of the confluence of the .50 degree of retraction with a SMA of about $0.054 in about 50 twelve-hour.