According to this VeChain technical analysis, VET price shows a bullish attempt struggling to break above the $0.026 mark. Should you keep hoping for a bullish breakout? Key Technical Points: The VET prices dropped by 1.91% in the last 24 hours. The market value of VeChain sustains above the 50-day SMA. The 24-hour trading volume of VeChain is $98.04 Million, indicating a drop of 11%. Past Performance of VET In our last article, VET prices were breaking over the 50-day SMA and keeping the momentum of the breakout rally. However, the rally fails to surpass the $0.025 resistance level, resulting in a dip to the 50-day SMA. The daily trading volume drops during the bearish retracement displaying a potential reversal to reattempt the bullish breakout. Source – Tradingview VET Technical Analysis VET price action reveals an uptrend that is lacking to go beyond the $0.026 mark due to long-wick candle formation. However, the constant support from the 50-day SMA keeps the bullish hope alive. The RSI indicator shows the underlying bullishness sustaining the bearish attack evident by the sideways trend above the halfway line. Additionally, the MACD indicator shows the fast and slow lines, supporting an upwards trend despite a declining tendency in bullish histograms. So, technical indicators maintain an optimistic outlook despite the higher price rejection candles. In a nutshell, the VET technical analysis suggests the traders wait for t...
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