- VeChain price analysis is bullish today.
- VET/USD likely saw the final push lower to $0.13.
- Bullish momentum returned this morning.
Right now, things are looking good for VeChain bulls, with solid rejection for additional downside throughout the market’s trip to $0.13. As a result, we expect VET/USD to recover later today and perhaps rise even higher by the end of the week.
As we can see from the four-hour chart for VET/USD, bullish momentum has returned. We should consider $0.15 as the next target level to watch out for. The market’s rejection at $0.13 previously was impressive and suggested that sellers may be exhausted in this price range. A push past $0.15 is possible if buyers manage to clear through $0.16 or even $0.17 levels soon enough. However, it is uncertain whether the market will indeed head up there within a matter of hours or days since initial gains are unlikely to happen immediately after such huge losses were erased just now during the trading session today.
The RSI indicator is also highly favorable right now, sitting at about 54 and suggesting a neutral level in the short term. The recent bounce in price has already reached 60 on the RSI, so buyers could probably aim for 70+ next with a push to new highs soon enough. On the other hand, if the momentum continues to stay bearish, we might see a return below $0.11 levels in the coming days or weeks before any substantial climb takes place within this period.
$0.13 holds as support with no significant resistance until $0.15 seen just above current prices at around $0.16-$0.17 from previous trading sessions. We still might see some volatility near those levels depending on sentiment and whether sellers decide to push for more losses or not.
VET/USD 4-hour chart: VET ready to recover?
VeChain’s recent price history has been quite steady. VET/USD surged to $0.165 after several days of good market momentum.
On the 4-hour chart, we see that Vechain’s price is rising once again after strong support at $0.13 was identified and tested for a while before buyers managed to return in full force enough to push the price once again higher past yesterday’s highs of $0.16.
The level of $0.14 has been broken and pushed further down, possibly to provide some room for VET/USD to grow further without too much resistance along the way. We expect bulls to take over control within this period and aim for new daily highs with ease before we see any significant pullback rebalancing themselves in the market once again.
VeChain Price Analysis: Conclusion
On the flip side, if bears manage to stay in control and continue holding their ground, we could see the price staying below $0.12 for weeks or even months before any more upside occurs. It is essential to keep in mind that initial gains are always small, so investors should wait for more confirmation before entering a long position here.
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