VeChain (VET) Has been one of the major crypto artists of the past week. While the broader market has seen significant gains, VET is up a whopping 54%. But how durable is this uptrend? More analysis in the post but here’s what you need to know first:
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VET has been trending upwards for the past several days and was up about 15% in the last 24 hours.
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The coin however faces significant overhead resistance at $0.9.
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VET has broken above its 50-day EMA, which is indicating bullish momentum.
Data Source: Tradingview
VeChain (VET) – Is the Uptrend Sustainable?
Pushing 54% in just 7 days is no easy feat. Although VET has been increasing continuously for several days. For most bulls, a breakout above the 50-days EMA was key, which appears to be triggering a significant rally. Despite this, VET is still below its 200-day EMA around $0.9. This will prove to be a massive resistance level.
So far, the coin has yet to test that limit. Even though VET is up about 15% today, its price remains around $0.7, a little less than $0.9.
For now, however, it looks like the trend is breaking up. We have seen double digit growth in the last two days post VET. The coin is likely to repeat this once again in the coming two days. This would push the price action above the 200-days EMA, which in turn would lead to a decisive bullish move.
Should you sign into VeChain (VET) now?
A break above the 50-day EMA was a signal for the bulls to enter. From a short-term perspective, it’s still not too late. VET is likely to increase in the coming days. Furthermore, from a long-term perspective, the fundamental value of VeChain is also quite unreliable. It is worth your investment.