The rally in VeChain over the last seven days has been nothing short of spectacular. While there was some rejection at high levels yesterday, the price action today on July 27, is much stronger. This indicates that a major profit booking was done yesterday. Continuation of this rally towards $0.1000 levels will force investors to buy more before this gets out of hand.
Further rally in VeChain can be expected if the bullish sentiment sustains the profit booking scenarios in between. On a swing basis, the VET token has to cross $0.0898 before attempting to breach the resistance at $0.1000 levels.
VET Cryptocurrency Price Analysis
The strength of VeChain can be seen from the strong back-to-back green candles on daily charts, which has brought it back from the $0.0560 levels to $0.0896 levels. A spectacular 60% gain in just seven days. Such gain rallies are a much-needed catalyst to bring further price momentum on these cryptocurrencies.
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Another important fact to note is the strength shown in the MACD indicator, which can cross towards green candles close to the neutral axis. Sustaining the current rally can push MACD towards a stronger buying sentiment.
The RSI movement also supports this fact. We can witness RSI going towards overbought zones in a good incline angle, indicating good buying. There is a good chance that we don’t witness a straight line uptrend rally in the second half of 2021, owing to a better understanding of cryptocurrencies over the last few months.
Based on our VeChain forecast, the VET token has the potential to reach $0.1500 if it successfully crosses the $0.100 resistance without downward retracements.
Hiken Ashi charts are showing the strength in positive swings with respect towards its trendline. VeChain is showcasing extreme bullish sentiment as RSI reaches closes towards overbought zones. It currently offers a level of 67 on hourly charts.
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On the other hand, the MACD indicator shows a golden crossover on the hourly time frame, indicating the further possibility of gains in hourly charts. Breaching $0.0896 levels can further induce newly found buying at those levels.
