VeChain price analysis: VET Crypto Headed Towards the 100 DMA, Will Bears Dump Here?

  • VeChain Coin has been growing steadily for the past three weeks.
  • VET coin is about to reach the 100-day moving average on the daily price scale.
  • Trading volume increased by 100% coapecoinmpared to the previous night.

VeChain Coin looks a bit bullish near the novel lows. Uncertainty is still seen in the price of the altcoin as the price is hovering near the 120-day low. However, buyers barely manage to keep the altcoin price above the previous swing lows.

The VET coin accumulated in a horizontal range bound market before moving higher. Nevertheless, the altcoin high momentum acceleration appears to be less in comparison to other altcoin trends.

VET investors saw a terrible drop in April prior to accumulation, where the altcoin noted a 2022 low of $0.020. At the same time, at the time of writing, the altcoin was trading at the $0.02989 mark against USDT. VeChain Coin is up 10.4% in the green zone at 0.000001287 satoshis against the bitcoin pair.

Meanwhile, VeChain crypto rose 12.4% to $2.1 billion, according to data from CMC over the past 24 hours. The bulls are aiming to reach the bears’ short-term hedge zone during the daily price scale. Thus, the trading volume increased by 100% compared to the previous night.

VET coin is about to reach the 100-day moving average on the daily price scale. Furthermore, the major 20 and 50 DMAs are well below the current price of the VET crypto.

Will You Buy VET Coin Near 100 DMA

Stoch RSI indicator remains in highly overbought territory. Also, MACD is well above the positive zone of the indicator

Conclusion

VeChain Coin is about to reach the 100-day moving average, which was a major resistance. However, technical indicators suggest an increase in the price. The bulls need to defend themselves from a downside break near the 100 DMA.

Resistance level- $0.030 and $0.0350

Support level- $0.0250 and $0.020

Disclaimer 

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

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