VeChain (VET) is currently a hot topic among traders and investors as technical analysis points to a potential bullish rally.
Renowned market analyst EGRAG CRYPTO (@egragcrypto) has identified a significant development in the form of the 21-week Exponential Moving Average (EMA) approaching a cross with the 55-week Moving Average (MA) at the critical price level of $0.035.
The analyst advises investors to closely monitor VeChain’s weekly chart as the 21-week EMA nears convergence with the 55-week MA, a pattern often considered a reliable signal for investors to join the ride.
#VET The Cross is imminent! 🚀
Keep an eye on the weekly chart as the 21 EMA is on the verge of crossing the 55 MA at 0.035c. 🤝 If this happens, we could be witnessing the ignition of a #BullMarket. 🐂 The next crucial step is closing above the 0.035c mark; confirmation at… pic.twitter.com/eAgBHIml0Q
— EGRAG CRYPTO (@egragcrypto) November 13, 2023
A Former Bullish Cross
EGRAG CRYPTO’s historical chart data paints a fascinating picture. The last time VeChain (VET) experienced this EMA and MA crossover was in June 2020, when the token was trading at $0.00717.
The crossover caused VeChain to embark on an impressive journey, reaching $0.0229 in August 2020. Despite encountering resistance, VET surged to an all-time high of $0.2798 in April 2021, marking a staggering 3,802% surge in just ten months.
However, the tides turned after April 2021. In January 2022, the 21-week EMA slipped below the 55-week MA, indicating weakened momentum. This shift resulted in a substantial decline from the high of $0.0831, and VET has been recovering from this correction ever since.
Now that the crypto market is rising again, VeChain is demonstrating strong bullish momentum, registering a 28.9% increase in the past month. As VET continues its upward climb, the 21-week EMA is edging closer to the 55-week MA, with both moving averages showing upward trends, fueling optimism among traders.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
For a confirmed bullish trend, VeChain needs to close above the $0.035 price level. VeChain has dropped 5.09% in 24 hours to $0.02111. The last time the token closed above $0.35 was in May 2022. Referencing VeChain’s potential closing above $0.35, the analyst stated, “If this happens, we could be witnessing the ignition of a #BullMarket.”
EGRAG CRYPTO refrains from providing specific price targets for this potential rally. However, he is confident in VeChain’s potential, suggesting that it could be a path to financial success.
He closes his post with the statement, “VET will unlock ur financial chains.” With VeChain on the rise, an analyst has predicted that it could soon take over the $18 trillion logistics market, citing spectacular innovations.