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VeChain’s price rally has sent a strong message to the cryptocurrency community, suggesting that the asset is imposing bullish pressure with critical levels to watch. Since yesterday, VET’s market capitalization has been growing steadily, driven by intense buying activity.
As of now, VeChain’s (VET) price is resting at $0.02359, and its 24-hour performance is impressive, boasting a whopping gain of 4.86%. The token’s current stance on the charts gives off an unmistakable aroma of bullish pressure, fueled by market demand and investor interest.
The chart analysis suggests that VET will likely keep pressing higher as long as it stays above $0.0220. If this happens, $0.025 may be in close reach, with a potential rally towards $0.030 if the asset can clear this critical hurdle.
At present, all technical markers are indicating an uptrend, which is bolstered by a solid bullish trendline and RSI momentum indicator that’s far above 60. It’s crucial for investors to keep an eye on both $0.0220 support and $0.025 resistance levels as they may serve as significant checkpoints before the next major move.
In conclusion, VeChain’s current price action does not suggest a bearish pattern whatsoever, and if this rally sustains momentum above mentioned resistance, it could potentially fuel further gains in the short term.
Source: https://cryptonewsland.com/vechain-price-rally-suggests-bullish-pressure/
