VeChain Price Analysis: VET Token projects an upward trajectory as price action barks at the resistance trend line

  • VET Token exhibits signs of bullish divergence on the 4-hour chart 
  • The current price of VET/USDT is $0.072 established on the back of a 1.01% decline in the past 24 hours
  • Meanwhile, VeTrust, a blockchain-based application built on VeChain has accomplished another milestone by being officially indexed by the WAIC 

VeChain Price witnesses difficulty in overcoming the 20 EMA 

VET Price has been trading in a downward spiral since bulls established an ATH back in May. The continuation of this downtrend has led to 20 EMA tormenting the price trend of the token. 

The 4-hour chart of the VET Token highlights the fact that the price action is at the cusp of breaking out of the well-crafted descending resistance line. The flash crash of June marked a low of $0.059 for the token. Keeping that in mind, the current price of the VET Token is hovering at the brim of the Demand PIt. A decisive close below the current price level will trigger a downswing of 10% in the near term. 

On the contrary, a decisive close above the price level of $0.079 will confirm the start of a rectification cycle for the VET Token. The bullish outlook holds more accountability owing to the fact that the RSI oscillator has devised bullish divergence. In addition to the positive conviction exhibited by the RSI, the MACD awaits a bullish crossover. The success of this will prevent the 20 EMA from invalidating the efforts of the bulls to retrace the price back up. 

Despite the VET price action demonstrating a bullish trend, the volume is disrupting the momentum. The magnitude of volume has been on a losing streak since June 24th as evidenced by the 20 MA repeatedly commanding the volume bars. Adequate buying pressure is a necessity for VET Bulls to gain the upper hand. 

VET/USDT on TradingView


VeTrust built on VeChain achieves the “Innovative Frontrunner of Blockchain application 2021’’ status by WAIC 

On June 10th, VeTrust, a blockchain-based self-assessment application built on the VeChain foundation was officially indexed by the World Artificial Intelligence Conference.

VeChain, as we all know strives to bridge the public blockchain with the public sector by solving real-world economic problems. The WAIC committee recognized the efforts of VeChain to do so through their latest innovation of VeTrust. VeTrust was bought into existence in 2020 as a response to the impact of COVID-19 on the global economy. The implementation of VeTrust results in hotels enjoying the privilege of providing immutable evidence of their cleanliness standards. To this date, VetTrust serves as an excellent platform for businesses that attempt to manage pandemic risk factors in China.

VeChain, a non-profit entity has accomplished milestones this year in regard to fundamentals. The community has grown exponentially and continues to establish the ground as a solution to real-world economic problems. 

https://themarketperiodical.com/

SUPPORT : $0.071

RESISTANCE : $0.079


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