VeChain (VET): Navigating Immediate Resistance Levels and Consolidation
VeChain (VET) has experienced a slight retracement over the weekend, reaching a low of $0.01724 after a 25% increase from its recent low of $0.01460. However, the cryptocurrency has shown resilience and has started the week off strong with two consecutive days of gains.
The current VET price is $0.01771, representing a 2.07% increase today as it attempts to break above the 100-day EMA of $0.01771. The technical indicators suggest that the 20-day EMA at $0.01663 and the 50-day EMA at $0.01685 could serve as support levels in case of a pullback.
The RSI has increased from 58.90 to 61.81, indicating an increase in buying pressure and the potential for the uptrend to continue. Additionally, the MACD histogram remains steady at 0.00027, reinforcing the likelihood of upward momentum.
However, one concerning factor is the decrease in trading volume by 13.42% to $27.6 million, while the market cap has increased by 1.97% to $1.2 billion. This could signal a potential consolidation phase before the uptrend continues.
Immediate Resistance and Cautious Outlook
The immediate resistance for VET is at the 100-day EMA of $0.01771, which it is currently trying to overcome. Breaking above this resistance with significant volume could lead to further gains, while failure to do so may result in consolidation or retracement to find support.
Although VET has shown promising signs of an upward trend, traders should exercise caution due to the decreasing trading volume. Breaking above the immediate resistance at the 100-day EMA with substantial volume would be a positive signal for the potential continuation of the uptrend.
Hot Take: VeChain (VET) Shows Resilience Amidst Retracement
Despite experiencing a slight retracement, VeChain (VET) has demonstrated resilience and started the week with consecutive days of gains. The cryptocurrency is attempting to break above the 100-day EMA and has support levels at the 20-day and 50-day EMAs. The RSI indicates increasing buying pressure, while the MACD histogram suggests upward momentum.
However, there is a decrease in trading volume, which could indicate a consolidation phase before further gains. Traders should be cautious and monitor VET’s ability to overcome the immediate resistance. Breaking above this level with significant volume would be a positive signal for the continuation of the uptrend.
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