VeChain (VET) has been highly volatile over the past few days with strong pullbacks and impulsive moves. At the time of press, VeChain crypto stands at price level of $0.20. In the twenty-four timeframe, the price of the cryptocurrency has fallen and so had the daily trading volume. VeChain crypto had been struggling ever since it had established its all-time high at $0.27 nearly a month ago; although, somewhat of an uptrend has been established recently but with high volatility.
VeChain (VET) technical analysis
Despite the somewhat downturn in the market, the sentiment is majorly bullish. Out of the total twenty-six technical indicators, twelve are giving out a signal of buy while nine are standing at a neutral position with only five indications of sell. The oscillators are mainly neutral while the moving averages are strongly bullish.
A trader has identified VeChain (VET) crypto to be operating in multiple ascending channel formations. The trader expects the channelized behavior of VeChain’s price to continue in the coming days. Per the technicals of the cryptocurrency, the trader is expecting VeChain coin to grow – as the market is bullish. The trader has also identified resistance levels at $0.22 followed by $0.26 and finally at $0.33. If VeChain coin is able to break the identified resistance levels then it would indicate high bullish momentum and a possible upside breakout from the various channel formations.
Developments in the VeChain (VET) community
The VeChain Foundation recently announced it is delving into the NFT frenzy. The Foundation is actively working on promoting the adoption of the blockchain technology and for this purpose, the Foundation has announced a $1 million fund for VeChain Grant Program for developers and projects working on bringing value to the enterprise NFT or eNFT sphere.
An application, E-HCert, based on the blockchain of VeChain in Cyprus is designed to fight the Coronavirus pandemic in the country. The VeChain-based solution will enable users to corroborate coronavirus test results.