- Vechain price has seen a massive pump in the past two weeks rising by more than 180%.
- The digital asset can continue climbing higher according to various metrics.
Vechain was trading inside a downtrend since August 2020 and remained flat during the Bitcoin rally in December before finally seeing a massive price explosion by the end of 2020. Several metrics and indicators show that VET can still rise higher in the short-term.
Vechain price can continue rising towards $0.04
Despite the massive rally towards $0.0322 several indicators continue to show that VET can go higher. The ownership of VET coins by time held hasn’t changed much in the past few months and around 95.91% of addresses have been holders for at least one year, which indicates they arae expecting the price of Vechain to rise even higher.
VET Ownership by Time Held chart
The interest in VET coins seems to have increased significantly over the past few days as the derivatives trading volume hit $186 million on January 3, a number not seen since July 2020.
VET Derivatives Volume chart
However, on the 2-hour chart, the TD Sequential indicator did present a sell signal which has seen a lot of continuation to the downside. So far, the 26-EMA has served as a support level at $0.027. If bears can push Vechain price below this point, it can quickly drop towards $0.023.
VET 2-hour chart
Additionally, it seems that the RSI and the price have established a bearish divergence on the 2-hour chart. Vechain price hit several higher highs while the RSI established lower highs, creating the divergence and adding credence to the bearish outlook.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.