Vechain price has been on a mixed trend since the start of the new month, August. At the time of writing, the VET token had a total market capitalization of $5.43 billion making it the world’s 22nd largest cryptocurrency.
Vechain price experienced several twists and turns in the past month just like all cryptocurrencies. On July 20, the VET token fell to its lowest level in that month. It fell 6.59% to $0.05600. However, it rebounded 14.41% at $0.06860 and entertained its bullish outlook for the rest of the month.
The overall sell-off in cryptocurrencies in July saw the Vechain price edge lower. Bitcoin price was unstable in July which saw many cryptocurrencies tumble due to their correlation with the coin.
With the surging coronavirus infections tied to the contagious Delta variant, many assets faced risks. However, cryptocurrencies seemed to benefit from the virus. The majority of countries imposed strict lockdown restrictions to curb the robust virus spread.
As a result, central banks remained dovish as economies struggled to get on their feet. The Federal Reserve’s tone turned dovish. It promised to maintain a highly accommodative monetary decision to help in achieving the inflation target. According to his latest statement, the Fed chair, Jerome Powell, stated that there was no need to rush the hiking of its interest rates.
Vechain price formed an inverted head and shoulders pattern in July signaling an uptrend. At the time of writing, it was trading 1.04% higher at $0.08628. It hit an intraday low of $0.08385.
On the daily chart, it is trading above the 25-day exponential moving average (EMA). It is trading within the 50-day EMA. Its Relative Strength Index (RSI) was at 58.18 which is a bullish sign.
The VET token is likely to continue with its bullish trajectory. If it passes the $0.0950 level, the bulls will be eyeing the $0.1500 level. On the flip side, if the trend turns bearish, bears might drag it to find support at $0.05600.