VeChain News

VeChain Oscillates in a Narrow Range After Breaching 52-Week High

Deloitte, in its recent report, named “5 Blockchain Trends for 2020,” penned about spiking blockchain-based industries and the advancements coming thereby. Wherein, the report, while putting forward the most popular smart platforms recognized VeChain from the perspective of being scalable and secure. The given features viz., scalability and security of VeChain is acknowledged to be the best when compared with the greatest altcoin by market cap—Ethereum.

Moreover, Deloitte, in its report, mentioned about how important is scalability, security, and decentralization for a blockchain network to be successful and lead the space. VeChain has ticked all the three requirements that have surpassed Ethereum in this regard to turn up to be the better option in comparison to the latter.

Aligned to the above thought of comparing VeChain with Ethereum, the transaction fees, and how much scalable it can be is the primary factor for a business to adopt any blockchain network. In this regard, VeChain is believed to be in a considerate and affordable range by the business, which again acknowledges the performance of the platform to be better than Ethereum.

VeChain has been one of the very few altcoins that have outperformed the greatest altcoin by market cap in so long, based on its features and blockchain required characteristics. The outstanding performance of the platform has been gaining enough impetus for the VET token as well, and it was just in the ongoing month when it breached above the major resistance price at $0.010.

VeChain Price Analysis

VeChain News
VET/USD Chart By TradingView

On the above 2-hourly chart by Binance, VeChain price is trading midway between the recent hit high and low at 0.0106 and 0.0075, respectively, against the US Dollar. Presently, the price trend of VET/USD is oscillating in a narrow space between 38.20% and 50.0% Fib Retracement level, which is a price range of $0.0087 to $0.0092. Moreover, after plummeting from the recent high above $0.0100, VET price is oscillating with almost a flattish trend. Additionally, VeChain breached the 52-week high with the recent spike above $0.0100 price area, and a recorded a fresh YTD high as well.

Also, if we emphasize the YTD chart, VET/USD exhibited a fine uptrend until the mid of the previous month and thereafter recorded a steep high to breach above $0.0100. However, the MACD chart shows a bearish crossover due to a lack of steady momentum and intraday oscillation between a stipulated price range.

VeChain price is currently retaining slight support from 50-day and 200-day MA, but a slight fall below $0.0080 is likely to invite bearishness in the intraday as well. The RSI of the VET coin is at 52.82 and holds no trading extremities due to no intraday steep setbacks. The major support and resistance lie at $0.0075 and $0.010 for VeChain to come out of a confined trading range.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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