VET coin price shows a remarkable, bullish recovery of 40% in the last 48 hours resulting in the $0.075 breakout. Should you join the ongoing rally?

Key technical points:
<ul>
 	<li style="font-weight: 400">VET coin price approaches the 200-day EMA.</li>
 	<li style="font-weight: 400">In addition, the RSI slope extends into the overbought territory.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of VeChainis $2.23 Billion, marking a 175% rise. </li>
</ul>
<h2>Past Performance of VET</h2>
VET coin price gives a bullish breakout of the double bottom mentioned in our <a href="https://www.cryptoknowmics.com/news/vet-technical-analysis-will-double-bottom-ignite-a-breakout-rally">previous article</a>, resulting in a price jump of 40% in the last 48 hours. The rally surpasses 50 and 100-day EMA and the crucial mark of $0.075. However, the rally struggles near the 200-day EMA at the $0.080 mark. 

 <img src="https://s3.tradingview.com/snapshots/4/464IruJ1.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/464IruJ1/">Tradingview</a>
<h2>VET Technical Analysis </h2>
VET coin price displays a rounding bottom breakout with a $0.070 horizontal level neckline in the daily chart. The breakout rally forms a remarkable, bullish engulfing candlestick with higher price rejection from the $0.080 mark.

Vechain token price trades above the most crucial EMAs in the daily chart, except the 200-day EMA. However, if the uptrend continues, we can observe the EMAs giving bullish crossovers. 

RSI Indicator: The RSI slope extends higher into the overbought territory with the spike from the central line in the daily chart. Hence, the indicator shows a remarkable recovery in the underlying bullishness.

MACD Indicator: The MACD and signal lines surpass the zero value and enter the positive territory in a bullish alignment. Furthermore, the increasing intensity of the bullish histograms reflects the growth in buying pressure. 

In a nutshell, the VET technical analysis showcases a jump in buying pressure that may shortly surpass the 200-day EMA.
<h2>Upcoming Trend </h2>
VET coin price can experience a further increase in buying pressure with the collapse of the 200-day EMA. Hence, the breakout rally anticipates a potential of reaching the $0.10 mark, accounting for a 20% jump. 

On the other hand, a reversal from the trend defining EMA will delay the bullish rally with a rounding bottom retest. 

Support Levels: $0.070 and $0.060

Resistance Levels: $0.080 and $0.10

VET Technical Analysis: Buyers Plan To Outperform 200-day EMA 

VET coin price shows a remarkable, bullish recovery of 40% in the last 48 hours resulting in the $0.075 breakout. Should you join the ongoing rally?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

VET Technical Analysis: Buyers Plan To Outperform 200-day EMA

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