The VET price action shows the bull run exceeding the $0.028 mark and the 100-day SMA teasing a price jump to the $0.033 mark. Key Technical Points: The VeChain (VET) prices break above the $0.030 mark with a 33% jump within the last two weeks. The bullish turnaround in the 50-day SMA with the 100-day SMA breakout teases a crossover. With a market cap of $2.24 billion, the intraday trading volume of VeChain has dropped by 24% to reach $141 million. Past Performance of VET The bullish reversal with a Morning Star pattern in the VET prices starts after the FED’s interest rates hike. Currently, the inflation rate of the last two weeks stands at 33% resulting in the $0.028 level breakout. However, the declining trend in the trading volume weakens the possibility of an uptrend continuation. Source – Tradingview VET Technical Analysis The daily candle drives the VET prices higher by 5% from the 100-day SMA resulting in a bullish engulfing candle. Hence, if the buying pressure sustains, we can see a trend continuation to $0.033. The bull run above the 100-day SMA increases the bullish influence over the 50-day SMA resulting in a positive turnaround. Hence, the possibility of a bullish crossover increases. The RSI slope maintains an uptrend to cross into the overbought zone, reflecting an increase in the underlying bullishness. Moreover, the MACD indicator displays a sharp increase in the bullish spread between the fast and slow lines...
