VeChain Price Rises From The Ashes: Can Bulls Keep The Pace
VeChain Price Rises From The Ashes: Can Bulls Keep The Pace?
VeChain price took a rebound from bottom and Surged nearly 18% a week.
The Open Interest (OI) contracts have noted a 30% rise a week from $12 Million to $16 Million.
VeChain price made a strong comeback from the lower levels and jumped nearly 18% a week. The bulls registered their presence near the $0.022 level as the price made a strong comeback.
The recent surge marks an improved sentiment and possible bullish reversal on the horizon. In tandem with the price rise in the recent sessions there has been an interesting development in the on-chain metrics which validates a comeback by the bulls.
However, the long trend still looms towards the bearish side below the 200 day exponential moving average. Currently, the price hovers at a very critical juncture from where either a bullish reversal or a bearish continuation may follow through.
Let's dive deeper analyzing all the metrics and try to find out a clear trajectory for VeChain for the upcoming sessions.
OI Data Soars By 30%
VeChain (VET) is a versatile, enterprise-grade Layer 1 smart contract platform. Renowned for pioneering real-world enterprise applications, VeChain leverages IoT technologies, NFC chips, and blockchain to address data-related challenges across various industries.
The recent sessions saw a strong surge in the VET price indicating a comeback by the bulls. Moreover, the price surge has been backed by a significant rise in the open interest contracts.
As per the data obtained by an on-chain analytics website app.santiment.net, the open interest contracts have surged by 30% a week. The number of OI contracts jumped from nearly $12 Million to $16 Million a week.
Moreover, the transaction volume has also taken a leap of 28.75% and has reached $38.38 Million a day. The volume to market cap ratio at 1.62% suggests a very low volatility.
Vechain At A Golden Zone Of Fibonacci: What’s Next?
While connecting Fibonacci from top to bottom swings, it was observed that the VET price was currently placed near the golden zone of Fibonacci. The 0.5 to 0.6 level of Fibonacci is considered as a golden zone of Fibonacci and helps to identify continuation or reversal of a trend.
Now, if VeChain surpasses the golden zone of Fibonacci, it may validate a bullish reversal and the price may continue to soar higher. On the contrary, if VET suffers rejection and looms below, it may indicate a bearish continuation and the price may suffer more.
The technical indicator exponential moving average implies a long term bearish outlook with a bullishness in the short term. Currently, the price hovers below the key 50 and 200 day EMA. The bulls have surpassed the 20 day hurdle and are looking to reclaim their presence above higher EMAs.
Can VET Mark A Bullish Reversal?
VeChain price surged nearly 18% in a week indicating an improved sentiment. The price took a rebound from the $0.022 level suggesting a potential bullish reversal. Moreover, This rise is supported by a 30% increase in open interest contracts, from $12 million to $16 million.
Furthermore, The price was currently near the golden zone of Fibonacci (0.5 to 0.6 level), which could signal a continuation or reversal of the trend. Now, If VeChain surpasses this zone, it may confirm a bullish reversal. otherwise, a bearish continuation may show up. The long-term trend outlook remains bearish, however short-term bullishness is evident as the price hovers above the 20 day EMA.
VeChain price took a rebound from bottom and Surged nearly 18% a week.
The Open Interest (OI) contracts have noted a 30% rise a week from $12 Million to $16 Million.
VeChain price made a strong comeback from the lower levels and jumped nearly 18% a week. The bulls registered their presence near the $0.022 level as the price made a strong comeback.
The recent surge marks an improved sentiment and possible bullish reversal on the horizon. In tandem with the price rise in the recent sessions there has been an interesting development in the on-chain metrics which validates a comeback by the bulls.
However, the long trend still looms towards the bearish side below the 200 day exponential moving average. Currently, the price hovers at a very critical juncture from where either a bullish reversal or a bearish continuation may follow through.
Let's dive deeper analyzing all the metrics and try to find out a clear trajectory for VeChain for the upcoming sessions.
OI Data Soars By 30%
VeChain (VET) is a versatile, enterprise-grade Layer 1 smart contract platform. Renowned for pioneering real-world enterprise applications, VeChain leverages IoT technologies, NFC chips, and blockchain to address data-related challenges across various industries.
The recent sessions saw a strong surge in the VET price indicating a comeback by the bulls. Moreover, the price surge has been backed by a significant rise in the open interest contracts.
As per the data obtained by an on-chain analytics website app.santiment.net, the open interest contracts have surged by 30% a week. The number of OI contracts jumped from nearly $12 Million to $16 Million a week.
Moreover, the transaction volume has also taken a leap of 28.75% and has reached $38.38 Million a day. The volume to market cap ratio at 1.62% suggests a very low volatility.
Vechain At A Golden Zone Of Fibonacci: What’s Next?
While connecting Fibonacci from top to bottom swings, it was observed that the VET price was currently placed near the golden zone of Fibonacci. The 0.5 to 0.6 level of Fibonacci is considered as a golden zone of Fibonacci and helps to identify continuation or reversal of a trend.
Now, if VeChain surpasses the golden zone of Fibonacci, it may validate a bullish reversal and the price may continue to soar higher. On the contrary, if VET suffers rejection and looms below, it may indicate a bearish continuation and the price may suffer more.
The technical indicator exponential moving average implies a long term bearish outlook with a bullishness in the short term. Currently, the price hovers below the key 50 and 200 day EMA. The bulls have surpassed the 20 day hurdle and are looking to reclaim their presence above higher EMAs.
Can VET Mark A Bullish Reversal?
VeChain price surged nearly 18% in a week indicating an improved sentiment. The price took a rebound from the $0.022 level suggesting a potential bullish reversal. Moreover, This rise is supported by a 30% increase in open interest contracts, from $12 million to $16 million.
Furthermore, The price was currently near the golden zone of Fibonacci (0.5 to 0.6 level), which could signal a continuation or reversal of the trend. Now, If VeChain surpasses this zone, it may confirm a bullish reversal. otherwise, a bearish continuation may show up. The long-term trend outlook remains bearish, however short-term bullishness is evident as the price hovers above the 20 day EMA.
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