Like some other cryptos, VeChain Token (VET) has also been on a tear since it was highlighted on Dec. 29, 2020. The token has surged from $0.01916002 to $0.0675 today, a gain of 252% in a short time.
Currently, VET is in a strong uptrend. The bulls pushed the price above the $0.060 overhead resistance on March 8, signaling the resumption of the up-move.
If the bulls can sustain the price above the breakout level of $0.06, the rally could reach $0.085 and then $0.10. The rising moving averages and the RSI in the overbought zone suggest the bulls are in control.
Contrary to this assumption, if the bears sink the price below $0.060, the VET/USD pair could drop to the 20-day EMA ($0.050). This is an important support because a strong rebound off it will suggest that the bulls are still buying on each dip.
On the other hand, if the bears sink the price below the 20-day EMA, the pair could drop to the 50-day SMA ($0.0407). A break below this support could signal a change in trend.