- VeChain lifts from the descending parallel channel as the tailwind rises.
- A daily close above $0.25 would validate the gains toward $0.3.
VeChain has extended the bullish action above the stubborn resistance at $0.21. An uptrend appears to have come into play with the price lifting to $0.23. Meanwhile, bulls fight to overcome the resistance at $0.25 while gazing at $0.3.
VeChain firmly nurtures the uptrend to $0.3
The technical picture on the four-hour chart is highly bullish. VeChain is trading on top of robust resistance turn support areas, including the confluence formed by the 50 Simple Moving Average (SMA) and the 100 SMA. The other anchor zone lies at $0.21 and is reinforced by the descending parallel channel’s upper boundary.
Simultaneously, the Moving Average Convergence Divergence (MACD) validates the ongoing bullish momentum after re entering the positive region. This technical indicator tracks the asset’s trend and measures its momentum. Traders utilize the MACD to identify positions to sell the top and buy the bottom.
As the MACD line (blue) crosses above the signal line, it implies that the trend is flipping bullish and, therefore, investors buy in or increase their stakes. On the other hand, crossing under the signal line suggests that overhead pressure has started to mount, and selling is advised. Currently, VeChain is still in the buy zone, with the MACD line widening the divergence above the signal line.
VET/USD four-hour chart
Santiment reveals a surge in both social media-related mentions and the trading volume. The social volume metric tracks the number of comments related to VeChain on more than 1,000 crypto social media platforms. Some of the channels contributing to the data are Twitter, Telegram groups and crypto subreddits.
VeChain volume/social volume
An uptick in social media volume implies that speculation is rising and the price tends to rally in tandem. However, it calls for caution because sentiments usually flip negatively, leading to a price correction.
VeChain’s trading volume has immensely shot up, confirming the increase in the level of speculation. As long as social and network activity remains in an uptrend, VET will quickly bring down the hurdle at $0.25 and pave the way for gains toward $0.3.