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  • Vechain price has seen a massive pump in the past two weeks rising by more than 180%.
  • The digital asset can continue climbing higher according to various metrics.

Vechain was trading inside a downtrend since August 2020 and remained flat during the Bitcoin rally in December before finally seeing a massive price explosion by the end of 2020. Several metrics and indicators show that VET can still rise higher in the short-term.

Vechain price can continue rising towards $0.04

Despite the massive rally towards $0.0322 several indicators continue to show that VET can go higher. The ownership of VET coins by time held hasn’t changed much in the past few months and around 95.91% of addresses have been holders for at least one year, which indicates they arae expecting the price of Vechain to rise even higher. 

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VET Ownership by Time Held chart

The interest in VET coins seems to have increased significantly over the past few days as the derivatives trading volume hit $186 million on January 3, a number not seen since July 2020.

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VET Derivatives Volume chart

However, on the 2-hour chart, the TD Sequential indicator did present a sell signal which has seen a lot of continuation to the downside. So far, the 26-EMA has served as a support level at $0.027. If bears can push Vechain price below this point, it can quickly drop towards $0.023. 

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VET 2-hour chart

Additionally, it seems that the RSI and the price have established a bearish divergence on the 2-hour chart. Vechain price hit several higher highs while the RSI established lower highs, creating the divergence and adding credence to the bearish outlook.