SNEAK PEEK
- VET shows signs of an upward trend with increasing market capitalization and trading volume.
- Bollinger bands suggest low volatility and the potential for a bullish breakout.
- Positive Chaikin Money Flow indicates buying pressure and bullish momentum.
Bears in VeChain (VET) took control of the market early in the day, cutting the price to a 24-hour low of $0.02298. But the bulls regained control and drove the price to a high of $0.0249, indicating a probable upward trend in the near term.
VET was valued at $0.0241 as of this writing, a 3.66% rise from its previous close, and is projected to continue its upward trend if the bulls can retain their market dominance.
The market capitalization and 24-hour trading volume increased by 3.67% and 39.25%, respectively, to $1,747,113,550 and $98,468,180. This growth in market capitalization and trading volume suggests that investors are becoming more interested in VET, which might lead to future price hikes.
In the 4-hour price chart, the Bollinger bands are moving linearly, with the upper band at 0.02497498 and the lower band at 0.02252233, indicating that the market is experiencing low volatility and that the price is expected to trade within this range in the short term.
The price action movement towards the upper band shows that a bullish breakout is possible if the price breaks above the upper band and maintains its momentum. Nevertheless, traders should be wary of a probable bearish reversal if the price fails to break above the upper line and falls toward the lower band.
While the Chaikin Money Flow indicator is positive, with a score of 0.26, the bullish momentum in VET is expected to continue in the near term, indicating buying pressure in the market.
This action indicates that money is streaming into VET, showing that investors are bullish on the cryptocurrency’s prospects and are prepared to purchase at higher prices, which might lead to additional price gains soon.
The Bull Bear Power level of 0.00015802 indicates that the market is consolidating with no apparent direction. The fact that the BBP line is going south suggests that the bears are gathering momentum and may seize control of the market in the near future.
With a value of 1.06, the Fisher Transform is now trending above its signal line, indicating that bullish sentiment is growing and traders may be buying into the market, which might help to halt the negative momentum indicated by the BBP line.
VET shows bullish momentum as bulls regain control, with increased trading volume and positive indicators, but bears may still take hold.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.