TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

VeChain Technical Analysis: VET/USD bulls try to negate Thursday’s losses

  • VET/USD is consolidating in a flag formation, preparing itself for a breakout.
  • The RSI shows that the asset is overpriced and will face another bearish correction soon.
VeChain Technical Analysis: VET/USD bulls try to negate Thursday’s losses
Rajarshi MitraRajarshi MitraIndependent Analyst

VET/USD daily chart

VET/USD daily chart

VET/USD bulls are in full control of the market. The price has gone up from $0.01799 to $0.01884  this Friday. The bulls managed to negate Thursday’s losses, wherein it dropped from $0.01894 to $0.01799. The price is consolidating in a flag formation, preparing itself for a breakout.

The MACD shows decreasing bullish momentum, as the MACD line looks to cross over the signal line. The RSI is trending along the edge of the overbought zone, indicating that it’s presently overpriced. As such, the price may face another bearish correction soon.

Support and Resistance

VET/USD has one strong resistance level at $0.01984. On the downside, healthy support levels exist at $0.01842 and $0.0176.

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple recovery lacks momentum as bulls defend $1.00 support

Ripple recovery lacks momentum as bulls defend $1.00 support

Ripple maintains a bearish outlook while trading above its immediate $1.00 support on Thursday. The remittance token has sustained a steady decline from the July high of $1.18, underpinning reduced demand and the lack of catalysts to sustain recovery.

Crypto Today: Bitcoin, Ethereum, XRP remain sluggish amid mixed ETF flows

Crypto Today: Bitcoin, Ethereum, XRP remain sluggish amid mixed ETF flows

The cryptocurrency market continues to trade sideways on Thursday, with Bitcoin struggling to reclaim the $64,000 level. Ethereum is attempting to build momentum near the key $1,900 resistance, while Ripple maintains support above $1.00, yet upward movement remains limited.

Bitcoin Price Forecast: BTC rebounds slightly as consolidation range keeps direction unclear

Bitcoin Price Forecast: BTC rebounds slightly as consolidation range keeps direction unclear

Bitcoin rebounds mildly, trading above $63,800 at the time of writing on Thursday after four consecutive days of losses. BTC has been trading sideways since mid-July, while cautious institutional flows and neutral momentum indicators suggest traders remain hesitant, pointing to a lack of clear directional bias.


Hyperliquid eyes 50-day EMA breakout as bullish momentum builds

Hyperliquid eyes 50-day EMA breakout as bullish momentum builds

Hyperliquid is trading in the green on Thursday, extending gains toward the 50-day Exponential Moving Average (EMA) at $58.36. Institutional demand remains firm as Hyperliquid treasury Hyperion DeFi saw a $31 million fair value increase in the last quarter.

Bitcoin: Can bulls weather the market uncertainty?

Bitcoin: Can bulls weather the market uncertainty?

Bitcoin (BTC) remains resilient, trading above $65,000 on Friday, with bulls defending key support despite cautious market sentiment. US-listed spot Bitcoin Exchange-Traded Funds (ETFs) showed strong inflows through Thursday, pointing to renewed institutional demand.