- VeChain (VET) has been struggling between 100-day and 200-day EMAs.
- VET price is on a crucial level of retest and may gain strong buying momentum after retest.
At the beginning of March, the VET price reached a 52-week high and it tried many times to sustain the $0.0500 hurdle but sellers were strong enough. After many attempts, sellers dragged down the price below the $0.0350 mark in a few weeks.
On a wider time frame, VeChain has been in a bullish trend. It has been rising by forming higher highs and higher lows. The price is over the 200-day EMA after making a higher low.
At the time of writing, the VET crypto price traded at $0.0354 which has lost around 3.11% in the past 24 hours. The market capitalization is $2.57 Billion and the 24-hour trading volume is $64.08 Million. In terms of market capitalization, VET ranks 47th in the cryptocurrency market.
Price vs Social Dominance Analysis
The given data demonstrates that engagement on social media has remained constant for the past few days and the VeChain has declined slowly. If the interaction about VeChain on social media like X, Instagram, and Telegram increases then it may leave a positive impact on the VET price.
Bull Rally in VeChain Awaited
Like in the previous bull cycle, #VeChain retests the upper boundary of a parallel channel before $VET enters a bull rally. pic.twitter.com/p4IRHTr8gr
— Ali (@ali_charts) May 27, 2024
Based on a source on ‘X’ formerly called X, the history is going to repeat in VeChain crypto. In 2020, the VET price triggered a breakout after consolidation and witnessed strong buying pressure after the retest. Almost the same scenario has been created now. The price triggered a breakout after consolidating and came for the retest. If it gains buying momentum after the retest, strong buying momentum can be expected.
Will VeChain Crypto Price Surge After Retesting?
On the weekly time frame, VET broke out of the consolidation phase. It has come to retest the $0.0340 level. If the price takes support in the $0.0350 mark and gains buying momentum then buying momentum for the long term can be expected.
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On a daily time frame, the VeChain price has melted to the 200-day EMA and managed to defend it. If the price takes support on the 200-day EMA and sustains then buying momentum can be generated. If buyers show interest then the price may extend to the last swing high.
On the other hand, if the VET crypto price fails to defend the 200-day EMA then sellers may become interested. Suppose the price sustains below the $0.0350 mark then sellers may drag down the price to the major support level of $0.0150.
Conclusion
Based on the analysis of VeChain’s price and social dominance, however, there’s potential for a bulls run. The historical pattern suggests that a breakout followed by a retest could lead to strong buying momentum. If the price manages to gain support and buying momentum, a surge in the long term is possible. If the price maintains support and sustains above this level, buying momentum may increase, potentially leading to an extension of the price to the last swing high.
Technical Levels
According to the technical chart, the VeChain crypto price is expected to face resistance from the $0.0430 and $0.0500 levels. VET price may take support on the $0.0330 and $0.0250 if it shows weakness.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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