- VeChain price analysis is bullish today.
- Bulls control the VET/USD market.
- VeChain is currently trading at $$0.111.
The VeChain price is currently in a strong position, as the market moved higher during the previous hours, resulting in the prior highs being broken. We expect VET/USD to test $0.123 resistance if the bullish momentum continues.
The market has returned higher today after what had been a relatively flat weekend for the VeChain price. Although still trading within a vital zone, VET/USD had started to move higher shortly before 6 am UTC this morning. Since then, it has continued to gain in momentum and is now above $0.10 again/
At the time of writing, VET/USD was up by around 3% on the day to $0.106 according to Coin Market Cap, having briefly touched $0.110 earlier in the session. The next resistance level is at $0.123, representing the 1 month high for this pairing and remains one step ahead of even that barrier, so further gains are expected to be limited.
For the VET price, its current market cap is now around $773 million according to Coin Market Cap, giving it a ranking of 19th largest cryptocurrency on the global markets. Daily trade volume has hit $57 million today, seeing VeChain placed 18th in terms of daily trade volume.
VET/USD 4-hour chart: VET set to break higher?
VeChain, like many cryptocurrencies, has been trapped in a long, seeing consolidation pattern. The price is attempting to break out of the several-day consolidation on the 4-hour chart, suggesting that it will likely reach further resistance at $0.123 soon today.
VET/USD 4-hour chart. Source: TradingView
The technical analysis indicators for VET/USD are currently generally bullish, with no sign of any changes so far. The 100-day moving average and the short-term support and resistance levels both remain flat as we approach May, with all market factors remaining neutral for now. A break below $0.10 would likely result in more losses over the next few days, peaking at $0.09.
As further news breaks on the VeChain project today, we will keep our readers informed of any changes in this analysis accordingly. For example, it is expected that an announcement relating to the new Thor token will appear soon and may take the market price up by another 10% or more if this materializes positively.
We will do our utmost to provide all information for all projects within the cryptocurrency market but remind readers that the volatile nature of these markets means prices can change significantly even in 24 hours, so always check the prices themselves before trading based on our analysis.
VeChain Price Analysis: Conclusion
We expect VET/USD to test $0.123 resistance if the bullish momentum continues.
The break-out in VeChain has been positive, following a 3% gain in just over an hour this morning. As we approach May, we will likely see some volatility and more news on the project, so stay tuned for further updates and price analysis on VET/USD during the next few days. For now, though, we maintain our $0.123 target with caution until more information is available about the near-term trend direction, and it should be noted that there are still no signs of any changes to other technical indicators. Hence, current market factors remain neutral at this time.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.