VeChain (VET) has been one of the main crypto performers of the past week. Although the broader market has seen significant gains, VET has surged by a whopping 54%. But how sustainable is this uptrend? More analysis in the post but here is what you need to know first:
VET has trended upwards for the last several days and was up nearly 15% in the last 24 hours.
The coin however faces significant overhead resistance at $0.9.
VET has broken out from its 50-day EMA, suggesting bullish momentum.
Data Source: Tradingview
VeChain (VET) – Is the uptrend sustainable?
A 54% push in just 7 days is no easy feat. VET has however been on a steady rise for several days. For most bulls, the key was the breakout above the 50-day EMA which appears to have triggered a significant rally. Despite this VET still remains lower than its 200-day EMA of around $0.9. This will prove to be a massive resistance level.
So far, the coin is yet to test that threshold. Even though VET has surged by nearly15% today, its price remains at around $0.7, marginally lower than $0.9.
For now, though, it seems like the trend is breaking upwards. We have seen VET post double-digit gains over the last two days. It is likely that the coin will once again repeat this in the two days ahead. This will push the price action well above the 200-day EMA, something that in turn will lead to a decisive bullish run.
Should you enter veChain (VET) now?
The break above the 50-day EMA was the sign for bulls to enter. It’s still not too late from a short-term point of view. VET is likely to rise in the days ahead. Also, from a long-term point of view, the fundamental value of veChain is quite incredible as well. It’s worth your investment.
The post VeChain (VET) is up 54% in 7 days – Is the uptrend sustainable? appeared first on Coin Journal.