VeChain News

VeChain (VET) Draws a Falling Wedge; Trades Above $0.0110

VeChain is one of the lucrative cryptos that is now ranked amongst the top 30 of the global crypto market, currently trading above $0.0100. It was just towards the end of the previous week when VeChain was seen integrating with Native Meta to take a strategic move in terms of amplifying transaction features.

Although, VET price is seen drawing a falling wedge, at the moment with a downtrend extended from the 2-year high marked in August 2020. While the currency gained over 1400% until the last quarter, it lost a mere 51% in 2 months from the 2-year and YTD high.

Since the crypto market is seen drawing a volatile move over many days of the ongoing month now, it is a positive site that it is maintaining its trading stance above $0.0100. In this regard, VeChain is one of the top 10 altcoins over the past 24 hours as per the list given by LunarCrush Social Listening for Cryptocurrencies.

However, the VET/USD is clearly drawing a falling wedge; it is not away from its bullish candlewick breakout leading to a great social activity over the past 24 hours.

VeChain Price Analysis

VeChain News
VET/USD Chart By TradingView

Trading in the last quarter, VET coin, just like any other crypto, does not draw a certain movement and aggravates a downtrend. VeChain trades at $0.0113 with over 50% loss in the price from the YTD and two years high. However, as the MACD chart reflects a slight bullish divergence de to intraday bullish candlewick, it is away from hitting the lower band as it did at the onset of the month.

VeChain News Price

While we take an emphasized look at the 5-hourly movement of VET/USD, we see that the coin is trading below 38.20% fib level since the beginning of the month with grounded support from 30-day MA but fails to retain 100-day MA after nosediving from $0.0115, in the nearest term.

Daniel Garza

Daniel Garza is well-known for his writing skills and works as a lead content writer in our team. He also has a deep interest in cryptocurrency funds and guides people on how to deal with a cryptocurrency exchange.

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