VeChain has been an incredibly profitable coin for its investors from the beginning of the year to mid-July, with a return of 1750%. In mid-April, VeChain was at its high of $0.282, after which it constantly moved down and reached its low of $0.055 in July. The coin then began to raise and started making higher high, and lower lows and an up-trending curve was formed in the daily chart.
VET is currently moving in upside momentum after crossing the downtrend line coming over from April 2021. VeChain has given a return of 180% from July end to mid-November to its investors. In the chart, numerous bullish candles are being formed with higher highs and lower lows. The price may fall to touch the up-trending line; then, an augment in price can be expected.
On a smaller time frame, prices seem to be trading negatively. The VET price has broken and closed above the resistance, but traders seem to be reluctant to take voluminous bullish positions to edge the crypto higher. Prices are comfortably consolidating between a high of $0.19 and near-term support formed around $0.15. We also observe a rising trend line pertaining to the current bull run, which seems to be close to present prices and may offer good support in the future.
A typical interpretation of the MACD on the Daily chart of VeChain purports near-term weakness as we see the MACD line trades below the signal line. While this foretells a possible down move in the coin, any winding up of present positions should be carried out only after further weakness is actually seen on the counter.
