VeChain Technical Analysis: VET/USD up another 10% after a massive bull rally

VeChain is one of the few coins that has hit a new 2020-high.
VET/USD is in a strong daily uptrend since May 22.

Lorenzo Stroe Independent Analyst

Vechain is trading around $0.01 at the time of writing after yet another bull break today on June 11. The digital asset has been trading inside a robust daily uptrend for almost one month now and is seeing a significant increase in trading volume.

VET/USD daily chart

The daily RSI is extremely overextended and indicates that some consolidation is needed. The last time the RSI was this extended was on June 2. VET consolidated for the next three days and managed to create another leg up on the fourth day. The price is way above any of the daily EMAs and the MACD is extremely bullish as well.

Vechain is enjoying a surge in trading volume since September 2019 when the digital asset only had around $31 million per day. VET’s trading volume today is an all-time high at $439 million blowing out of the water the last high at $242 million.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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