VeChain is here to revolutionize the supply chain system using the two most advanced technologies of our time, blockchain and the internet. It makes use of distributed ledger technology (DLT) to manage the efficient information flow.
VeChain cryptocurrency is currently trading at a 50% discount to its all-time highs valuation of $0.2798. The latest price action starting from July 20, 2021, has been highly bullish and, in a sense, replicates the movement witnessed during the beginning of 2021.
Since VeChain has identified both long-term and immediate support, we expect it to close above $0.13 by the end of August. Given the strong upside buying, it seems achievable. Let us derive more insights from its price analysis.
VeChain Holds Strong Above 200-Day MA
We can see VeChain taking support from its long-term demand zone of $0.0560, which has coincided with a bullish momentum on the broader crypto market. Since VeChain has managed to close above its 200 days moving average of $0.1016, we expect the up move to sustain.
Another important factor is its closing above the previous selling pressure around the $0.0910 levels. VeChain has even managed to close above its swing zone indicated by the support level on the charts.
Upcoming resistance on VET crypto is expected around the $0.1290 levels, and it should be the next target of VeChain investors. Since there has been no sign of profit booking or weakness so far, expect some downside move.
Since RSI is currently in the overbought zones, it might take a small tick to create a pullback on VeChain. On the MACD indicator, the current movement can be bullish, but the buying excitement seems to have eased.
