VeChain (VET) set a new all-time high today. touching a high of $0.1911.
Recently, the VeChain Foundation announced a collaboration with American cloud-based software company Salesforce to test, trial, and build applications on the VeChainThor blockchain. The cooperation with the technology giant specializing in customer relationship management (CRM) company Salesforce has contributed to the surge in VET’s prices.
VeChain, the 15th largest cryptocurrency with a market cap of $11,944,387,252, has risen by 12.11% with 24 hours and 65.68% in a week. VeChain has shown strong growth this year, increasing nine-fold since the beginning of this year.
Currently, VET/USD is receiving resistance at the upward pressure line of the ascending channel. The scope of transactions has narrowed. At the time of writing, VET is trading at $0.1847.
VeChain (VET) Price Analysis
Source：VET/USD Hourly via TradingView
Judging from the hourly candlestick chart, VET formed a bull flag shape with the 34% gain between created the pink flagpole of this pattern. The consolidation period of the first half of today formed the purple flag of this pattern shown on the above chart.
According to the increase of the upswing flagpole, this altcoin would likely exceed $0.22.
The transaction price of VET/USD is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD indicate that the bulls are currently dominating the market.
However, The Relative Strength Index stepping into the overbought zone, forming a bearish signal that suggests that VET is encountering strong selling pressure at approximately $0.19 along the upper line of the ascending channel. The VET price will experience a slight retracement, and it is likely to trade sideways for a period of time around $0.18 before resuming its upward momentum.
If the price can stabilize above 20 hour-Exponential Moving Average of $0.176, then the upward trend of VeChain may open a faster upward channel. As VeChain hits a new high this will mean that the altcoin will not encounter strong selling pressure on its way up. However, it is very likely to break through $0.22 in the short term.
Conversely, a surge in the number of sell orders will push VET below the $0.16 support level and may trigger a more severe correction to $0.13.
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