Despite beginning the day at $0.0231, the VeChain (VET) market has seen bullish sentiment in the recent 24 hours. This positive trend remained in the market, propelling the VET price to an intra-day high of $0.0249 before hitting resistance. The VET price was $0.0244 at this writing, up 5.43% from its previous close.
If bullish strength continues to rule the market, the $0.0249 resistance level may be broken, and the next resistance levels may be discovered at $0.0255 and $0.0261, respectively. But, if bearish pressure prevails, the support levels around $0.0237 and $0.0228 may come into play.
The market capitalization and 24-hour trading volume climbed by 5.45% and 57.62%, respectively, to $1,771,449,953 and $103,809,488, indicating a probable positive trend in the near future. However, investors should watch support levels in case of a negative reversal.
VET/USD 1-Hour Technical Analysis
On the VETUSD 1-hour price chart, the Bollinger bands are moving linearly, indicating that the present positive momentum is expected to continue in the short term; however, traders should keep a watch on the upper band, as it may function as a resistance level and cause a price correction.
The top band contacts at 0.02494948, whereas the bottom band, touches at 0.02363496, demonstrating this tendency. The price action movement above the signal line indicates buyers control the market. Still, traders should also monitor trading volume to validate the trend’s strength and prevent any false breakouts or fakeouts.
With a value of 0.00, the Chaikin Money Flow warns traders of a possible market correction. This movement indicates that selling pressure is rising, and the trend may turn shortly, signaling a potential opportunity for short-selling or profit-taking on long holdings.
On the 1-hour price chart, the Money Flow Index reads 57.33, indicating that buying pressure is still intense but may be fading, so traders should actively follow the price action for a possible trend reversal or correction.
The movement north of the MFI indicates that capital inflows into the VET market are still reasonably substantial, which might lead to a continuation of the present boom.
VET/USD 24-Hour Technical Analysis
The Bollinger bands are narrowing on the 24-hour price chart, with the upper band at 0.02759798 and the lower band at 0.01962067, indicating that the present bullish sentiment may end as the price becomes more concentrated inside a shorter range.
The CMF score of 0.04 and rising indicates that purchase pressure is increasing, which might push the price over the upper Bollinger band. However, traders should be cautious since contracting bands may foreshadow a trend reversal.
Nevertheless, traders should keep a watch on trading volume, as a drop in volume might reinforce the consolidation and even lead to a trend reversal.
The MFI score of 47.19 and the upward movement implies that the market is still in a consolidation period since this level shows that buying and selling forces are generally balanced. If the MFI rises over 50, it may suggest that purchasing demand is building and the market is beginning to trend higher. At the same time, a decrease below 40 may indicate an increase in selling pressure and a possible downward trend.
In conclusion, the VeChain market sees bullish sentiment, but traders should monitor support levels and be cautious of possible trend reversals.