Cryptocurrency VeChain (VET) has had an eventful 2023, opening the year at around the $0.0157 price area and pumping by 16.17% to a local peak of $0.01824 yesterday, January 10th.
VeChain Breaking Past, the 50-day Moving Average, Could Open the Doors to $0.020
A glance at the one-day VET/USDT chart below, courtesy of Tradingview.com, reveals that VeChain’s 50-day (white) moving average is currently acting as resistance at current levels around $0.01742.
Also, from the chart, it can be observed that VeChain‘s daily MFI (green), MACD and RSI (red) all hint at an overbought scenario that could result in the digital asset failing to break past the 50-day moving average and falling back towards a bearish trend.
However, Bitcoin and the general crypto markets are exhibiting an optimistic sentiment. VeChain could eventually break past the 50-day moving average and slowly push towards the 100-day (yellow) moving average of around $0.020.
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