Finally the market has shown signs of a potential bullish run as the re-bounce of Bitcoin to prices above $6,700 for a moment on Tuesday led to a resurgence of prices across the cryptocurrency market. One coin in particular has continued to soar against its dollar pair, VeChain (VET). The coin has seen its VEN/USD pair rise by over 18% in the last 24 hours as some major exchanges posted prices above $0.008 USD per VET. The massive rise in VET’s price places it 21st on Coinmarketcap rankings with a total market capitalization of $440,177,676 worth of VET.
VET/USDT Technical Analysis – August 15th 2018
Moving Average – Simple (SMA) Exponential (EMA)
The hourly VET/USDT candlestick charts signals a potential upcoming bullish momentum as the 50-day moving average crossed the bullish candle at close price. The price of VET has seen a continuing soar in price for thepast few hours and investors will be eager to see this price continue to rise in the coming months. As VET targets the pressure level at $0.0095 USD (as shown on chart 2) the SMA 50 predictor binds well with the support and resistance technical analysis.
VET/USDT 1 hour charts (Morning star formations)
Relative Strength Index (RSI)
The chart above shows the historic trends the relative strength index on the hourly charts follow. Looking at the historical patterns, an overbought oscillator quickly reverses to see the VET/USDT pair reach the oversold area. With the current RSI oscillating at the overbought area we are likely to see the reversal occur. This is contrary to the technical analysis on SMA50 and the support and resistance charts.
VET/USDT 1 hour charts (Support and resistance)
Support and resistance
VET continues to register higher highs and higher lows showing an upcoming bullish run coming in the next few hours. The VET/USDT prices hit the support level at $0.00630, signaling a reversal to a bullish run and has since continued rising. At the bottom of the long bearish trend, a morning star was formed, as the doji candle was engulfed at $0.00670 USD. The bullish momentum witnessed at the moment will target the resistance level at $0.00950 USD as the reversal continues on VET/USDT pair.