Why VeChain May Run Out Of Fuel After 90% Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Polkadot	DOTUSD	Crypto	9,544,428,502	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polkadot

DOTUSD

Crypto

9,544,428,502

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.130	-1.79%	7.15	7.14	7.15

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.130

-1.79%

7.15

7.14

7.15

High Price	Low Price	Open Price	Prev. Close	52 Week Range
7.33	7.14	7.29	7.28	3.56 - 12.01

High Price

Low Price

Open Price

Prev. Close

52 Week Range

7.33

7.14

7.29

7.28

3.56 - 12.01

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:37:18	2.00	7.15	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:37:18

2.00

7.15

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,485,596.74	343,691.34	DOT	DOTEUR	DOTGBP	DOTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,485,596.74

343,691.34

Why VeChain May Run Out Of Fuel After 90% Rally

30/03/2022 7:00pm

NEWSBTC

VeChain has been able to preserve its current levels as the crypto market loses steam. The sector has seen a recent bullish price action which has led the price of VET and other digital assets to a yearly high. Related Reading | Why VeChain (VET) Could Be On The Verge Of A 40% Rally At the time of writing, VeChain (VET) trades at $0.083 with a 13% and 80% profit in the last day and 30-days, respectively, according to data from CoinGecko. Two weeks ago, NewsBTC reported a potential 40% rally for VeChain. Based on an analysis from Justin Bennett, the cryptocurrency was on the brick of breaking above a trend line which signaled potential appreciation. This trend line marked the beginning of a multi-month downtrend, and its reversal could take VeChain into the $0.10 price point. Therefore, Bennett called this move “significant in terms of the overall context of the market”. VeChain is yet to complete its full bullish trajectory into the $0.10 levels and beyond. However, it did manage to score a 90% rally, according to Bennett, destroying the market expectations of further downside: VET is the same project everyone on CT said was dead for months. +97% in 16 days is quite the move for a “dead” coin. Let that be a lesson for anyone who jumped on the CT bandwagon. Peak pessimism amongst the masses usually means a buying opportunity isn’t far away. The $0.080 point will be critical to determine if VeChain can sustain its current momentum. If these levels hold, VET’s price could appreciate further and return to its pre-crash levels from $0.10 to $0.14. Data from Material Indicators (MI) suggest potential resistance at VET’s price current levels. There are over $2 million in asks orders above the $0.080 mark which could operate as resistance. As seen below the most important level to break is $0.90 which holds the majority of asks orders. Above this price, there is little resistance. Will VeChain Continue To Appreciate? Additional data provided by Material Indicators (MI) suggest retail investors (orange in the chart below) have been buying into VET’s price recent price action. In the meantime, investors with larger orders (in green and red in the chart, with selling orders between $1,000 to $10,000) began selling. VeChain has sustained its momentum because investors with bids orders of around $100,000 (purple in the chart) have been continuously supporting its price. If this investor class continues to support VET, the price can stay at its current levels or trend to either side. Related Reading | Polkadot, Vechain Founders Pledge Over $10 Million In Crypto To Ukraine Retail investors buy, but purple seems to dominate and dictate momentum.

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