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Vechain Price Analysis: VET Aims $0.025 Amid A Bullish Divergence Formation

Vechain VET is undoubtedly the most impressively performing cryptocurrency for the last couple of weeks. As a matter of fact, according to stats present on coingecko.com, the top cryptocurrency has consistently made gains within the last year. 

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VET price is up around 75% in the last 7 days and has increased up to about 97% within the last two weeks. Expanding this to the monthly scale, VET is up 96% since last month and the coin has gained as much as 153% in a year. With such brilliant stats, VET still fuels a bull run up the charts towards predictable points. 

As of now, VET price is currently hovering around $0.0175 with only about 3% 24-hours gains. The coin’s total markets are capped at $1.136 billion amid a $475 million 24-hour exchanged volumes. 

VET/USD Technical Analysis

VET price is in the middle of a bullish divergence pattern which suggests an uptrend in the short term. Our bet is VET will touch a price of $0.025 within the next couple of days from now. This is evident from a growing support trend line on the main chart which contradicts the falling resistance trend line on the supporting technical indicator, the Resistance Strength Index (RSI). 

Prices have recently been corrected back to the $0.0168 level and a continuation of the uptrend has begun on the $0.017 support area. Above this, resistance lies far ahead at the $0.025 area where prices haven’t tested in a long time. 

We may likely see a free ride towards greater heights as the bulls charge in response to a bearish reversal. The bullish divergence supports the described rising support line, altogether surging VET price towards the 100% Fibonacci retracement level ($0.02). Beyond this, resistance lies at the 1.4 Fib level, an area where prices will be struggling to surpass $0.03.

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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