- VeChain price analysis is bullish today.
- VET/USD pair is trading at $0.11.
- Support is found at $0.09.
According to Vechain’s price analysis, the VET/USD price model is extremely bullish. The start of today’s session saw a high-volume breakout upward, with the VET/USD pair trading between $0.109 and $0.114. There has been a lot of momentum in VET lately, as buyers pushed past the $0.114 level, taking the pair as high as $0.118 before it came down to the current price of nearly $0.120.
During the past 24 hours, the overall VET/USD pair advanced more than six percent and increased by 30% during the previous seven days. The trading volume has also increased by 16%.
VET/USD 1-day price chart: Bulls eyes $0.122 resistance next as a retest
In the 1-day price chart, there has been a price increase, and VET covered any losses incurred over the previous two days when bears deflated the market. Bulls are attempting to defend the short-term upwards price trend following a successful week of gains that brought the price back to its psychological barrier of $1 after a long bearish trend.
The next resistance for VET/USD is present at $0.122, which the bulls will need to break through and gain momentum to initiate a new bullish run. If experienced buyers can clear this level, we could see the pair continue its path towards the 2018 high at $0.25 – possibly testing this price during the summer.
However, if the VET/USD pair continues to fail at $0.122, it could start a new bearish trend, as was seen in late May when the price fell as low as $0.101. This downward movement started when the market experienced an influx of negative news, and technical indicators were showing signs of a potential bearish trend.
The 14-day RSI is also overbought, so there could be room for some short-term retracement down to $0.112 or even $0.110 before another bullish run begins using the larger bullish trend line as support. If bulls can cross this trend line, the market could consolidate at around $0.115 for a few days before retesting the price highs.
VeChain price analysis: Recent developments and further technical indications
VET/USD 4-hours price chart. Source: TradingView
The Bollinger bands now have a little upward curve, which suggests that the cryptocurrency’s value is rising. This limited the volatility for the coin considerably yesterday, with a slight downward curve in the area of price fluctuations after a sharp convergence of yesterday. The bulls will have some breathing room as long as they continue to fight against selling pressure, but this will only happen if the bulls can gain upper hand over the bears.
The smaller moving average lines (blue) are now crossing under the larger ones (red), which suggests there is still some selling pressure in the market. The VET/USD pair could drop down to $0.11 if it falls below $0.120, where the 14-day RSI is also oversold, suggesting that buyers have reached a peak in the market.
VeChain price analysis: Conclusion
The VeChain price analysis shows that the VET/USD pair is being pushed down by selling pressure above current levels. Still, market sentiment is favorable to the coin, and the bull momentum is powerful. Furthermore, short-term technical indicators also favor a price rise. The VET/USD pair is anticipated to increase further over the next hours, and it could reach $0.12 and even $0.122 in the near term.
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