In VeChain (VET) Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about VET to analyze the future movement of the cryptocurrency.
VeChain (VET) is a blockchain-related supply chain platform. Started in 2015 and launched in June 2016, VeChain focuses on using distributed governance and Internet of Things (IoT) technology to create an ecosystem which solves some of the major problems with supply chain management.
VeChain (VET) Current Market Status
According to CoinGecko, the VeChain price is trading at $0.18 with a 24-hour trading volume of $1,875,091,154, at the time of writing. However, VET has increased by 5% in the last 24 hours.
VET holds 17th position on CoinGecko right now. Moreover, VET has a circulating supply of 64,968,961,033 VET and maximum supply of 86,712,634,466. Currently, VET trades in Binance, Huobi Global, FTX, Upbit, and VCC Exchange.
VeChain (VET) Technical Analysis 2021
The recent development and upgrades might push VeChain (VET) to reach new heights. Now, let’s deep dive into the VeChain (VET) technical analysis 2021.
VET Showing Inverted Cup With Handle Pattern in Hourly Time Frame
The hourly time frame chart below shows the Inverted Cup with Handle pattern of VeChain (VET).
Based on the graph above, the chart displays an inverted cup with a handle pattern. The graph indicates a period of consolidation which might result and reach an immediate price breakout or breakdown. A breakdown from the lower line represents the start of a new bearish signal, while a breakout from the upper line indicates the start of a new bullish signal.
In addition, at the beginning of this pattern, VET moved from its bullish to a bearish trend. This happens as many traders stop buying and start to sell. As a result, the VET supply increased drastically.
VeChain (VET) RSI, MACD, MA, and EMA
The below chart shows the Moving Average Convergence/Divergence (MACD) of VET. Notably, the MACD (blue) continues to stay just above the signal indicator (orange line). This means that cryptocurrency traders can still expect more bullish days ahead.
In contrast, if the MACD begins to move below the signal indicator and performs a bullish crossover. Then the crypto has a high possibility of reaching new lows.
Now let’s look at the relative strength index (RSI) of VET. As shown in the chart above, the RSI remains at level 50. This shows that VET price is in nearly overbought state. However, this gives confidence for the traders to trade without any fear.
VET’s Moving Average (MA) and Exponential Moving Average (EMA) is shown in the chart below. Moreover, MA is a part of technical analysis that helps traders to recognize trends. While EMA is a type of moving average.
From the beginning of 2021, it is clear that the VET price has shown many bullish patterns. Furthermore, taking all these into account, VET could have a competitive market in 2021.
VeChain (VET) Showing Symmetrical Triangle Pattern in Monthly Time Frame
The monthly time frame chart below shows the symmetrical triangle pattern.
The above chart shows the Symmetrical Triangle pattern in the daily time frame. This pattern represents a period of consolidation that may push to a price breakout or breakdown. A breakdown from the lower trendline indicates the beginning of a new bearish trend. In contrast, there will be a start of a new bullish signal if there is a breakout from the upper trendline.
With the ongoing developments and upgrades that are taking place within the VET platform. The cryptocurrency VET has a fantastic future ahead in this crypto market. However, it is possible to see VET reaching new heights.
Bullish VET price prediction 2021 is $1. As said above, it may reach great heights, however reaching $5 if investors have decided that VET is a good investment in 2021.
What is VeChain (VET)?
VeChain is a blockchain-related supply chain platform. VET is the native token of VeChain network.
Where can you purchase VET?
VET is listed on many cryptocurrency exchanges that include Binance, Huobi Global, FTX, Upbit, and VCC Exchange. In which the crypto is available to be traded against fiat currencies, stablecoins, and other cryptos.
Will VET reach a new ATH soon?
With the ongoing developments and upgrades within the VET platform, it has the high possibility of reaching its new ATH soon.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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