VeChain’s Price Skyrockets: Here’s the Next Coin to Watch

cryptonews.com:

Enterprise oriented layer-1 solution VeChain has seen a magnificent price skyrocket, but can VET price analysis reveal a potential retrace?

This article will provide an analysis of VET’s current price trends and look to see whether a newer meme coin, Sponge V2, represents a more promising investment opportunity at this time.

VeChain is joining the global tech community later this month, embarking on a tech-driven campaign to drive a sustainable future at #MWC2024.https://t.co/g1vjVbWuTD

— vechain (@vechainofficial) February 14, 2024

The surge in VeChain price coincides with an uptick in community sentiment, stemming from anticipation for a teased ‘major update’ tipped to be released at the Mobile World Congress in Barcelona later this month (Feb 26-29).

With price positioned high in the channel, VeChain is currently trading at a market price of $0.048 (representing a 24-hour change of +6.23%).

This comes after 6 consecutive days of upside movements have fuelled an impressive +74% increase in VET price.

Upside movement was catalyzed by a key reclamation of the 20DMA (sat at $0.031) on February 7, with the technical strengthening representing a recovery from January 2’s fall below moving average support.

But upside movements are now stalling due to upper trendline resistance around $0.05, creating retracement risk for VET price at current levels.

This is worsened by a glance at the RSI, which has shifted to a severely overbought signal at 88.58 – which suggests the need for an imminent retracement and consolidation at lower support.

However, this is contrasted to a slight degree by the MACD, which is spotlighting the impressive momentum with very minor bullish divergence at 0.00209.

Overall, VET price analysis depicts a strong