- VET shows a massive breakout of 5% in the intraday trading session.
- Bulls are gaining strength above $0.02000.
Vechain ( VET ) shows bullish views on the daily chart, showing the breakout of the consolidation phase in the intraday trading sessions. Furthermore, the trend is now changing from neutral to bullish. VET has stayed in the narrow range from the last weeks and shows no decisive moves, but now bulls have energized the muscles and gained enormously.
The sellers looked trapped after this bounce from the support. However, there were certain hurdles, but the bulls did not let go and passed smoothly, trying to go above the 50-day EMA.
Moreover, the price action showed that after the decline in price, from the lower high and lower lows sequence to the consolidation phase, those were looking for a break, and confirmation arose from there if bulls succeeded in sustaining above the 20-day EMA and the immediate resistance of $0.02300 in the following sessions.
When writing, VET trades at $0.02040 with a massive intraday gain of 5.82% showing bullish indications. Moreover, the pair of VET/BTC is at 0.000000751 BTC, and the intraday trading volume increased by 5.20% to $63.46 million. The day high of VET is $0.02081, and the day low is $0.01957. The market cap of VET is $1.38 Billion.
Daily Charts shows VET attaining strength
On the daily charts, VET looks extremely bullish after the recent breakout of the slow & steady consolidating moves. The bulls pumping the gains with a massive inclination of 5% shows the short covering move.
The buyers try to pass the congestion zone and break the further hurdles in the flow. Moreover, the breakout is due to the squeeze of the Bollinger band, and the price breaks the higher Bollinger band in the last trading session.
As per the recent bounce, the price met the 23.6% level and paused from the last week but did not gain from there. The daily chart showcased a falling wedge pattern, and the single bullish candle also broke the resistance, crossing above the 20-day EMA registered bullishness on the chart.
Will the bullishness persist?
On the 4-hour chart, VET shows a massive breakout and meets the 200-day EMA with a spike of 5% intraday, trapped down by the mighty bears.
The price action signifies a further upside per the breakout with a significant upside with follow-on buying from there.
The Fib extension tool indicates that if the token is sustained above the 20-day EMA, consecutive buying action can be noted in subsequent sessions.
The RSI sharply rose towards the overbought zone, and a positive crossover was noticed on the curve.
The MACD indicator showed a bullish crossover in the past trading sessions and floated green bars on the histogram.
Conclusion:
VET price stayed above the 20-day EMA, suggesting an upcoming bullish trend.
Technical levels;
Support Levels: $0.02000
Resistance Levels:$0.02200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.