VeChain (VET) Climbs 10% In Last 7 Days – What’s Going On?

The VeChain (VET) price has been able to build on its bullish momentum over the past week and is currently bucking the current market trend. As Bitcoinist reported, the entire crypto market is currently facing a major fear of a contagion effect triggered by the perceived troubles of the US exchange FTX. Within the top 100 by market cap, there are currently only a handful of altcoins besides VeChain, including Chainlink (LINK) and Toncoin (TON), that are showing price gains within the last 24 hours despite the turmoil. VET is thus showing its fundamental strength for the moment. Within the last 24 hours, the price has risen by around 3%. Over the last seven days, there is even a gain of 10%. At the time of writing, VET was trading at $0.02610. Related Reading: VeChain Notches High Gains – Time For Investors To Bet On VET? Over the last 24 hours, VET’s trading volume was $274 million, up 228% from the previous day. At the current level, the VeChain price is facing major resistance. For the moment, VET was rejected at the 200-day simple moving average (SMA) in the 1-day-chart, while maintaining its stance above the 100-day SMA. The MACD indicator is also showing bullish signs. The MACD (Moving Average Convergence/Divergence) is a momentum indicator that shows the relationship between two moving averages of the price of a security. VET investors should therefore keep an eye on the indicator for any trend changes. The RSI is ...