The VeChain price has performed admirably in the face of market volatility.
All technical indicators were observed, allowing VET to continue to be supported.
It has the potential to ride the risk-on tailwinds to $0.084.
The VeChain price emerged from the storm in a good technical position. Markets have been locked in a two-day risk-off spiral, with cryptocurrencies seeing a negative return. With markets back to risk-on today, it’s time to gaze upward once more.
Following the release of the Fed Minutes on Wednesday, VeChain was no different from other cryptocurrencies and risk assets. Markets have been in the red for two days in a row. However, VET’s price action remained quite stable, and it appears that the stock will emerge relatively unscathed from the downturn.
Buyers jumped in on VeChain at $0.0725, when a technical bounce off the orange falling trendline dating back to the beginning of June occurred. Buyers countered the losses, and the next four-hour candle even finished above $0.0737, an intermediate support level.
When the RSI fell below 35, indicating that the market was oversold, buyers couldn’t resist snapping up some VET tokens.
The 55-hour Simple Moving Average (SMA), which has capped market activity since July 7, would be an upward target.
4-hour chart of VET/USD
The VeChain pricing demonstrates the importance of looking at technicals and fundamentals, and the fact that they can withstand a sell-off, as we’ve seen in the last two days, demonstrates that buying and interest are still present. As a result, VET appears to be bright and poised for growth.
Look for $0.07 as a psychological level and $0.065 as initial support if markets continue to roll over today or this weekend. With the RSI in oversold area, VeChain price action to the downside will be limited. As a result, sellers will try to cover their positions sooner rather than later./n
