Vechain Price Analysis: VET Price Can Soon Breakout From Consolidation Phase

• Vechain is currently traveling in a consolidated zone and breakout from it could result in higher levels.
• VET price is currently trailing at the value of $0.508 with a gain of  6.98% in 24 hour time frame and 14.2% in a week
• VET/BTC pair is trading at the value of 0.000001044 BTC with an intraday gain of 8.26%, breaking the 50MA resistance

The weekly chart of Vechain highlights a pale bullish momentum in today’s trading session. While the current price of VET is $0.0508, with the major resistance placed at $0.0610; meanwhile, major support is at $0.0461. The volume of VET is around the value of $850,645,826, with a loss of 3.40%. and market capitalization at $3,757,224,783, with a gain of 7.15%.

The use of Vechain in supply chain management has made it to reach the higher levels and attracted the big whales in it. 

Vechain (VET) Majority of Holdings

Major Vet coin holders, which have more than 12% percent of circulating supply, have seen an increase in holding from last week. The only cold wallet which has seen a decrease in the supply is Binance while the other major holders have increased their stakes in their wallets. Moreover, the overall holding pattern represents the trust of investors in the crypto assets. VET is also gaining popularity in social media.

Vechain (VET) Technical Analysis

Vechain coin has made a high of $0.0587 with an intraday gain of 7.39% with a major resistance at $0.0610 . Furthermore, VET price can retrace back to the level of 0.052fib, and on the upside, it can face the resistance at the value of 0.06fib. VET is trading above the 50 and 200 Exponential Moving Average. The 50 EMA blue line is at the value of $0.0350, making it temporary support. The coin has formed a bullish engulfing pattern, which showcases that the price can continue the uptrend.VET/BTC pair has broken the temporary support level at 50EMA and is heading to a new high. 

RSI(Bullish): It is currently trading at the value of 75.99, showcasing its presence in the overbought zone. A positive slope is formed in the RSI, which highlights that the price can move further upwards. The overall sentiment of RSI is bullish.

Conclusion

Vechain has gained popularity among investors due to its real-world application in supply chain management. The technical indicators are in favor of the coin.VET/BTC pair has broken the temporary resistance and can head to a new high in the upcoming trading sessions.

Technical Levels

Major Resistance:$0.0610

Major Support:$0.035

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