VET Price Analysis: Overcoming Key $0.045 Resistance for Further Gains
VeChain (VET) has seen a difficult journey, remaining on a negative trajectory for several months. However, it has now begun to exhibit indications of life. Seven months later, VET has emerged, riding the wave of the revival of the cryptocurrency industry as a whole. Does this portend something more significant?
The current price of VET is $0.4366. However, resistance at $0.045 presents a significant challenge. VET may rise higher if it can overcome this obstacle. However, before the price can make a breakthrough, it will probably encounter some difficulties.
Can VeChain Break $0.055 and Reclaim Its March 2024 High?
Some encouraging signals are present. The 200-day moving average is almost overtaken by the 20-day moving average. That typically indicates an upward tendency. Also, the MACD appears to be doing well. There is bullish potential as the line remains above the signal line. Although there is less green on the MACD histogram, the trend is still upward.
For VeChain, the RSI is 65.43. There is still an opportunity for development because VET isn’t yet overbought. The ADX is currently at 37.95, indicating a strong trend. The positive surge may continue for some time, according to this indication. On the other hand, even with recent increases, VET is still 88% below its peak of $0.2782. VET reached $0.055140 in March 2024 but was unable to sustain it. VET must overcome a couple more resistance levels in order to return to those highs.
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