VeChain’s current levels have been maintained despite the decline in crypto markets. Recent bullish price actions in the sector have led to VET and other digital asset prices reaching an all-time high.
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According to CoinGecko data, VeChain trades at $0.083 and has a 13% profit and an 80% profit respectively in the past day and 30 days.
NewsBTC announced a possible 40% rally in VeChain two weeks ago. Justin Bennett’s analysis revealed that the cryptocurrency was just above the trend line, which indicated potential appreciation.
The trend line indicated the start of a downtrend that lasted for several months. A reversal may see VeChain reach $0.10 point. Therefore, Bennett called this move “significant in terms of the overall context of the market”.
VeChain still has a long way to go before it can achieve its bullish momentum into $0.10 levels or beyond. But, the 90% rally was a success. accordingBennett says that the market is now expecting more downside.
VET was the exact project CT has been claiming to be dead for several months. +97% in 16 days is quite the move for a “dead” coin. This should be an example to anyone who joined the CT wagon. Peak pessimism amongst the masses usually means a buying opportunity isn’t far away.
VeChain’s current momentum will depend on whether the $0.080 level holds. If these levels hold, VET’s price could appreciate further and return to its pre-crash levels from $0.10 to $0.14.
Data from Material Indicators (MI) suggest potential resistance at VET’s price current levels. Over $2 Million in orders are above $0.080, which may act as resistance.
Below you can see that $0.90 is the key level. This holds the vast majority of the asks orders. There is very little resistance above this level.
Is VeChain going to continue its appreciation?
Additional data provided by Material Indicators (MI) suggest retail investors (orange in the chart below) have been buying into VET’s price recent price action. Investors with higher orders, which are shown in green and red on the chart with sales orders between $1,000 and $10,000, began to sell.
VeChain is thriving because of investors placing bids in excess of $100,000 (purple color on the chart). This has supported VeChain’s price stability. The price could remain at the current level or trend towards either side if this investor group continues to support VET.
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Although retail investors invest, purple appears to be the dominant color and dominates momentum.
