VeChain (VET) worth evaluation: Maintains the bullish part for the third day in a row

Highlights
  • Maintains bullish phase above previous day’s high of $ 0.108
  • Corporate-level adoptions continue to drive VeChain’s price up

The VeChain price is consolidating at a new record high, which was seen after a rally on Tuesday due to new partnerships. VET / USD rises above previous day’s high of $ 0.108 after the rebound of $ 0.086 in rising trendline support rebounds. This technical pattern is bullish after the recovery from the recent low was triggered.

Despite a leg gap on April 3, the VET token maintains its bullish phase for the third day in a row. At the time of writing, VeChain (VET) is trading around $ 0.11 after the price rose 21% since last week.

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In the last 24 hours, vocational training has increased by around 18%. The 20th largest in the world Cryptocurrency by market cap has been moving up since the start of the new year, trying to break out of its ascending channel.

The Altcoin There was a clear decline in mid-February. In a welcome turn of events, VET has since reached higher highs. The price rose from $ 0.034 to around $ 0.116 where it is now.

Corporate-level adoptions continue to drive VeChain’s price up. A project by Danish company ReSea, The company that cleans rivers and oceans has been certified by DNV’s Chain of Custody. VeChain’s ToolChain platform is used to track the entire collection path of the plastic, from the extraction point, through sorting the plastic, to delivery to a local waste bank.

VET Daily Chart: bullish

VET / USD daily chart. Source: TradingView

VET / USD is rising within the ascending channel and the moving average (MA 50) reinforces its progress. Technical indicators like the Relative Strength Index (RSI) are in positive territory while the trendline supports the uptrend zone and shows a bullish move within the channel.

A lower leg could hit the $ 0.100-0.090 support zone before dragging the bears even lower towards the moving average (MA 50) around the $ 0.070 level. On the downside, a spike within the ascending channel at $ 0.110 could flirt with $ 0.120 (psychological level) ahead of the $ 0.130 resistance. Above these limits, the $ 0.150 barrier could also be in the spotlight. Most likely, the VET / USD pair could continue to rise in the following trading session.

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Suppose the momentum of the daily chart slows down in the negative zone and turns south again as the relative strength index fully enters the overbought territory. If so, this can create severe headwinds and potentially limit the further rise in VET / USD in subsequent sessions.

  • Offer levels: $ 0.150, $ 0.130, $ 0.120
  • Demand levels: $ 0.100, $ 0.090, $ 0.070

To sum up, VET / USD has been in a progressive mode since Feb 28th and a downside breakout of the ascending trendline could shift the current view on consolidation. In the near future, after VeChain’s increasing partnerships, the token is likely to continue to rise as previous supply zones transition into demand zones.

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