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VeChain price analysis: VET/USD is bullish for th next 24 hours

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VET/USD continues testing $0.123 resistance.
  • Next minor resistance at $0.128.

The VeChain price is presently trading at $0.0009, with nearly $1 billion market capitalization. The VET/USD pair broke the important support at $0.084 earlier this morning, accumulating a +5% gain since yesterday’s close.

The pair is currently testing $0.123; its previous historical resistance turned support. This level has previously acted as a strong barrier preventing the coin’s further ascent. However, the market is likely to push on towards $0.128, which represents another significant resistance. #VET was one of the best performing coins on the top 100 ranking for the day, reaching an intraday high of $0.125 before consolidating at $0.122 to form a large bullish candle on the daily chart.

VeChain price movement in the last 24 hours: Bullish signals

The price of VET/USD has been trading in a range of $0.1133 to $0.1248 over the past 24 hours, with moderate volatility. Trading volume was up by 10.93 percent and reached $575.9 billion, while the overall market cap was about $7.85 billion, putting it in 24th place.

The ascending triangle pattern previously identified on the hourly chart appears to have been broken. The price tested the upper trend line set from mid-September at $0.1248.

The RSI indicator has reached overbought conditions, with a reading of 74, while MACD shows a strong bullish signal for VET/USD. Bitcoin is changing hands at $61,076, and its dominance has dropped below 52.2 percent today.

The VET/USD pair is still trading in an ascending channel, identified on the hourly chart. A bullish breakout would see it gain over 20% in value, up to around $0.0015, according to our previous price analysis. However, we believe the market will consolidate at $0.012 for now and would be better off waiting to see how it reacts to this mark before establishing any long positions.

VET/USD 4-hour chart: VET to break $0.123 today?

On the 4-hour chart, bulls are testing the $0.123 resistance once more, which is likely to lead to a breakout later today.

VET/USD 4-hour chart. Source: TradingView

At the start of October, VeChain’s price increased enormously as a quick ascent took VET to $0.11. Since then, VET/USD has remained sideways, with a new local high established on October 10th at $0.123.

Volatility has risen over the past week, as a significant decline to $0.1 was observed on Monday. VET/USD fell below $0.123 during the middle of the week before regaining its losses and returning to $0.123 resistance, suggesting that the market is still aiming higher.

VeChain’s price rose from $0.0054 to a high of $0.1210 yesterday and then declined below $0.11, where it established a lower low. Early this morning, the higher low set was followed by a brief spike toward the $0.123 level, indicating that bulls are still in command.

VeChain Price Analysis: Conclusion

Today’s VeChain analysis is bullish, with another move higher possible after yesterday’s quick advance above $0.123. As a result, we anticipate VET/USD increasing in value over the next 24 hours.

Disclaimer. The information provided is not trading advice. 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.

This post was last modified on October 17, 2021 3:25 am

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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