VeChain (VET) Technical Analysis 2021 for Crypto Traders

VeChain (VET) Technical Analysis 2021 for Crypto Traders

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 VET price is trading at $0.129 with a 24-hour trading volume of $1,374,535,788, at the time of writing. However, VET has increased by 13.3% in the last 24 hours.

In addition, VET has a circulating supply of 66,760,741,299 VET. Currently, VET trades in  Binance, Tokocrypto, Huobi Global, Upbit, and FTX.

VeChain (VET) Technical Analysis 2021 

VeChain (VET) holds the 21st position on CoinGecko right now. The recent development and upgrades might push VET to reach new heights. Now, let’s deep dive into the VET technical analysis 2021. The daily time frame chart of VeChain (VET) is shown below.

VET/USDT Ascending Channel Trend Pattern (Source: Tradingview)

Ascending Channel Trend pattern is the price action contained between upward sloping parallel lines. Moreover, if the pattern continues to the top side, then it will reach the $0.7 level soon.

VeChain (VET) RSI

The below chart shows the relative strength index (RSI) of VET. 

VET RSI (Source: TradingView)

As shown in the above chart, RSI remains at 79.56. This shows that VET’s price is in a nearly overbought state. However, this shows that major price reversal can take place anytime. 

VeChain (VET) RVOL

The below chart shows the Relative Volume of VET. It is an indicator that indicates to traders how the current trading volume has changed over a period of time compared to the previous trading volume.

VET RVOL(Source: TradingView)

Currently, the RVOL of VET lies below the cutoff line which represents the weaker participants in the current trend.

VeChain (VET) Moving Average

VET’s Moving Average (MA) is shown in the chart below. MA supports traders to find trends.

VET MA (Source: TradingView)

Currently, VET is in a bullish state. Notably, the VET price is moving above 50-MA and 200-MA; this indicates that the crypto will go completely bullish in the future. However, major price reversal can take place anytime.

VeChain (VET) Price Comparison With Bitcoin

The below chart shows the price comparison between VET and BTC. 

VET vs BTC Price Comparison chart (Source: TradingView)

From the chart, we can identify the trend of the BTC and VET is moving at the same level as the trend. This indicates when the price of BTC increases or decreases, the price of VET also increases or decreases respectively.

Conclusion

With the ongoing developments and upgrades that are taking place within the VET platform. VeChain has a great future ahead in this crypto market. However, VET can reach new heights.

Bullish VET price prediction 2021 is $0.8. As mentioned above, it may reach great heights, however reaching $1, if investors have decided that VET is a good investment in 2021.

FAQ

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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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.