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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

VeChain Pulled In Sideways Motion As VET Price Faces Rejection At $0.0247

Christian Encila
Christian Encila
2 years ago
3 mins read
Vechain

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According to VeChain pricing analysis, VET prices have been moving sideways over the last few days.

  • VET prices moving sideways as seen in the past few days
  •  VeChain price fluctuating in the $0.02 and $0.027 range
  • VET price is down by 0.5%

Nevertheless, because the prices have been trading above the crucial support level of $0.02412, there has been a minor bullish bias in the prices. At $0.02474, the prices are now being rejected.

As of this writing, VET is trading at $$0.02491, down 0.5 percent in the last 24 hours.

It turned out that the low volume breakout was a fakeout. As a result, the price of the VET cryptocurrency has started to decline once more. Now, the price seems to be oscillating between $0.02 and $0.027. Since June 2022, this area has served as a superb zone for accumulation.

After Jerome Powell, the chairman of the US Federal Reserve, made some hawkish comments, cryptocurrencies are once more on a downward trend. The recent downward price movement of Bitcoin and Ethereum has exacerbated the selling pressure.

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VET/USD Trades Above 200-Day MA

According to CoinMarketCap, the 4-hour price chart for the VET/USD pair demonstrates that it has been moving sideways over the last few days. The range of the prices has been between $0.02412 and $0.02474. 

The VET/USD is trading above the 200-day moving average, which suggests a minimal bullish bias.

The RSI indicator is close to the 70 mark and is now in overbought territory. The RSI line has more room to rise, which suggests that prices also have more room to rise. The MACD indicator is currently moving upward and towards the positive region.

Source: TradingView.com

In the near future, prices may rise in response to a crossover of the MACD line. Price increases are anticipated to continue so long as they stay above $0.02474.

Following a period of consolidation, the bulls are attempting to propel prices higher, according to the VeChain price analysis. Although the bulls have had difficulty driving prices higher, the recent market movement appears encouraging. In the near future, prices may move in the direction of $0.03250 if the next level of resistance at $0.02474 is broken.

RSI Suggests VeChain Crossing Overbought Zone

Meanwhile, a bearish crossover of the MACD indicator might drive prices down to the $0.02412 level. The MACD indicator is on the verge of crossing into the bearish zone. The RSI indicator is currently overbought, and a decline can signal that a correction in the price is imminent. The MA lines are in close proximity to one another, and a crossover can move prices either way.

As per VeChain’s price analysis, as long as prices are over $0.02474 in the near future, they are predicted to rise further. The technical indicators on the 4-hour and 1-day timeframes imply that the market is currently in a bullish zone, and the digital asset appears poised to continue its ascent higher.

In other news, Canadian SaaS platform TrueTrace Technologies and VeChain have joined forces. The newest partner would introduce its clients to the VeChain ToolChain. By registering on the leading cryptocurrency exchange Binance, you can purchase VeChain and make investments in its core platform.

Related Reading

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Litecoin (LTC) Performs Better Than Bitcoin In Last 24 Hours – Upward Motion In The Coming Days?

2 years ago

VET total market cap at $1.8 billion on the daily chart | Source: TradingView.com

Featured image from MotivationGrid, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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