VeChain Price Analysis: VET 900% Rally Unstoppable, Long-Term Holders Eye $0.5
- VeChain hits another milestone, trading new all-time high.
- The bullish trend points toward $0.2, supported by more robust technical levels.
- The RSI is overbought, highlighting the possibility of a reversal coming into play.
VeChain has been on an upward roll since the beginning of the year. In three and a half months, the token has rallied nearly 900% to trade at $0.169 at the time of writing. Moreover, buyers do not seem exhausted and are getting ready for another liftoff to highs above $0.2.
Vechain Uptrend Could Last Longer
VeChain dodders within the upper layer of an ascending parallel channel. The middle boundary support supports the uptrend. On the other hand, the upper edge limits price movement. A break above the channel's resistance could trigger massive gains, hitting levels past $0.2.
Short-term technical levels on the daily chart have improved over the last 24 hours. For instance, the Moving Average Convergence Divergence (MACD) indicator makes higher strides, affirming the bulls' control. The MACD line divergence from the signal line is a vivid bullish signal.
The least resistance path is north, as confirmed by the 50 Simple Moving Average (SMA) gap above the longer-term 100 SMA and 200 SMA.
The same daily chart shows that the SuperTrend indicator has a bullish signal. This call to continue buying VeChain has been sustained since the crypto bull cycle began in November. The indicator turns green and moves below the price to show that the trend is generally upward. If the technical picture remains intact, VET will continue to rally to $0.5.
The Parabolic SAR is also upward facing, validating the bullish impulse from the SuperTrend indicator. As the above technical indicator, the Parabolic SAR shows the general trend of asset's price. The parabolas (dots) move above the price to signal a bearish outlook and underneath the price to identity an upward trend, as observed on the chart.
Looking at the Other Side of the Fence
The resistance at $0.18 might delay the upswing above $0.2. On the other hand, overhead pressure could start to rise under the ascending channel's upper edge. Note that losing the support at the middle boundary could spur sell orders as investors cash out for profit.
Simultaneously, the Relative Strength Index (RSI) on the daily chart is overbought. It means that VeChain could retreat as the price realigns to the market value.