VET Price Soars to a New 90-Day High; Indicators Predict Further Rise

In the previous 24 hours, the VeChain (VET) market has risen dramatically, with bulls successfully pushing the price to a new 90-day high of $0.03084. At the time of writing, VET had risen 10.55 %, to $0.03044, as the upward trend in the market continued.

The market capitalization increased by 10.55% to $2,219,065,363, and the 24-hour trading volume increased by 98.50% to $241,844,264 as investors hopped on the bull train in expectation of more growth. As VeChains’s (VETmarket) capitalization and 24-hour trading volume climb, there is widespread optimism that the token will sustain or surpass its current growth rate.

VET/USD 24-hour price chart (source: CoinMarketCap)

Movement of the MACD line northward and above its signal line at 0.00140655 indicates that positive momentum in the VET market is rising and that the price may go higher in the future. In addition, the histogram, which has been trending upward and now displays green bars above the zero line, adds more support to the idea that a bullish trend is developing.

The reading of 68.18 on the Relative Strength Index (RSI) and the movement south implies that the increase is losing speed and that a price pullback is conceivable shortly. This RSI pattern indicates that purchasing pressure is decreasing, and the market will likely face a brief fall before continuing its upward path.

With a Money Flow Index (MFI) reading of 80.75, significantly above the overbought threshold of 80, it is clear that the current uptrend is intact. Nevertheless, the fact that the market is overbought indicates that buyers have been too enthusiastic, which might make it vulnerable to a correction shortly.

VET/USD chart by TradingView

The VET is in an uptrend with strong bullish momentum and weak bearish momentum, as measured by an Aroon up rating of 92.86% and an Aroon down the reading of 35.71%. As a result, traders’ confidence grows, which might be a golden chance for investors. Hence, VET’s future seems bright, and investors are bullish on its potential to maintain its recent upswing.

The upward momentum is confirmed by the Fisher Transform trend above its signal line at a value of 1.41, implying that VET is heading in a stronger bullish path. Traders and investors may take advantage of the positive direction of VET thanks to the combination of the Aroon and Fisher Transform indicators, which suggests that the asset is in a strong uptrend with significant bullish momentum.

VET/USD chart by TradingView

If bullish strength is to be maintained, bulls must continue to boost VET prices and convert resistance into support to achieve new highs.

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