VECHAIN – ALTCOIN CHART ANALYSIS

VeChain (VET) made a significant leap up this morning. After we were still consolidating at prices around USD 0.022 yesterday, we are now scratching the USD 0.026 mark with a lot of volume.

We are currently trading at around $0.025, which is right at our last high and resistance zone. The RSI has of course already reached an overbought area due to the rapid pump, which is why there is reason to be cautious.

If we make it above this resistance, we would have room to around USD 0.0265. There is the monthly resistance P. Here we could have bigger problems. However, the smaller time units could also decide there whether we are still in a downtrend or whether we can break it.

While the daily chart is looking good as we have yet to make a lower low, the declining volume so far suggests a fresh rally. We will only see over the next few days whether this is slowly increasing.

We are now directly in the Daily EMA Ribbons, which absolutely must be broken upwards for an uptrend. Also on the daily chart, the next important resistance is in the area of the monthly resistance P.

Again, if we manage to make a daily close above the rising volume zone, we can have more hope of moving into the $0.03 area.

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