Cryptocurrency (Mar 09, 2021 08:30AM ET)
VeChain Surges over 100%. Can It Sustain the Bull Run?
- VeChain has achieved a new all-time high of $0.0682.
- However, technical indicators are showing an uncertain future VET price.
- Will VeChain be able to sustain its current bull run?
VeChain (VET) has surged over 100% in the last month and set a new all-time high of $0.0682 on March 9.
However, instead of riding the wave, VET price seems to have entered price discovery mode. In addition, technical indicators are showing mixed signals.
On the one hand, oscillators like the Relative Strength Index (RSI) are neutral though slightly skewed toward a buy reading. Also, VET currently has an RSI of 67 which shows that the crypto is nearing the overbought state. However, moving averages like the Exponential Moving Average (EMA) are indicating a strong buy.
In addition, pivots like Fibonacci retracement indicators are showing that VET might still have room to go higher.
With such conflicting data, it seems the market is a bit uncertain about whether VET is a good buy or not. Nevertheless, the VET chart for the last month is showing a slight Cup and Handle pattern, which is a bullish indicator. This means that despite the upward trend showing some exhaustion, VET is likely to push higher.
However, investors should proceed with caution, taking into account all technical indicators. The next few days will be critical as the crypto could easily swing either way. In fact, there is a high likelihood that VET will be able to rise higher if it stays above the $0.061 price support level. The prediction is based on Fibonacci retracement level indicators.
VeChain is a blockchain that enhances supply chain processes. The blockchain is also set to add its Proof of Authority 2.0 consensus algorithm soon.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
This article first published on coinquora.com
Continue reading on CoinQuoraVeChain Surges over 100%. Can It Sustain the Bull Run?