VeChain (VET) coin has been long in the upward channel after it broke from structure at $0.05. The coin failed to create a lower low and instead printed a momentous green candle on the Daily Time Frame confirming the reversal of the market. The coin is currently ranging between a trend line that can be seen on the chart. VET is being traded at a price of $0.11, nearly more than 100% increase in the price from the point of reversal. The price action is efficient currently and it shows that the market has been steadily rising to create higher highs.
VeChain (VET) Coin Technical Analysis
VET coin is currently moving in the upward channel showing resistance from the trend line at $0.11. Currently, the market is trying to break this level and can act as a support if it flips. The most recent support for the coin is at $0.10. On the daily time frame, we can see the formation of two order blocks, one at $0.097 that can act as a support zone and at $0.16 that can act as a resistance zone. If the coin breaks out of the trend line the $0.16 zone can be used to take profits as pullback can be expected from that point. Other points of interest can be $0.12 and $0.129 that can be used as an intermediary zone for longing and shorting as the market can range between these points.
One Hour TF
On the one-hour time frame, it can be seen that the market is currently touching the upper trend line and is moving towards squeezing, The RSI div shows the same uptrend. Pullback can be expected, with entries around $0.90 that can help VET coin to bounce from the zone. The Fibonacci retracement of 0.68 also shows the area of order block. But care should be taken and lower time frames should be consulted to notice the trend reversal at the order blocks. If $0.90 doesn’t hold we can see it dropping to $0.6.
It can be expected that VeChain is ready to fly, with TP at $0.16.
About VET Coin
VeChain (VET) was developed to allow easy adoption of block chain. The network is made to help sustainable and scalable businesses. VET Coin is also targeting China’s pet food industry and currently is in talks with the market and industry leaders to solve the problems with the block chain. VeChain is also working on PoA 2.0 that was successfully tested on testnet. The current market supply of the coin is 64.32B coins. The currency is ranked at 21 on CoinMarketCap.
