- VET pushed higher and set a new all-time high at $0.099.
- Minor resistance at $0.095 broken.
- Vet likely to retest $0.095 before moving higher.
Today’s Vechain price prediction is bullish as the market has posted solid gains over the last 24 hours and set a new all-time high at $0.099. Currently, VET is set to retest previous minor resistance at $0.095 as support. If the support holds, we could see further highs later today.
Cryptocurrency heat map. Source: Coin360
The overall market has turned around over the past hours, and most of it is green. Market leader – Bitcoin is up by 2.4 percent, while Ethereum is up by 1.35 percent. Ripple has spiked towards $0.57 and is up by 14 percent. Traders are currently watching to see if the remaining market would follow this trend.
Vechain price prediction: Vechain sets a new all-time high at $0.099, retracement incoming?
VET/USD opened at $0.0937 after several bullish days took it from previous support at $0.072 towards the current all-time high of $0.099. Previously small resistance was seen around $0.095. Therefore, it is likely to act as a support as the Vechain price retraces some of the gains and prepares for another push higher.
Vechain price movement in the last 24 hours
The VET/USD price moved in a range of $0.08963 – $0.09902, indicating a good amount of volatility. Meanwhile, trading volume has decreased by 8.57 percent and totals $1.3 billion, indicating a reduction in market interest. The total market cap stands at $6.2 billion, ranking the coin in 18th place overall.
VET/USD 4-hour chart – VET set to retrace after a strong move higher over the last 24 hours
On the 4-hour chart, we can see Vechain rejecting further upside for now after it peaked just below the $1 mark. Therefore, we are likely to see some retracement over the next hours as VET prepares for another push higher and a break out of the so-long awaited $1 mark.
VET/USD 4-hour chart. Source: TradingView
Overall, Vechain has had an excellent performance this month. After finding support around $0.035 at the end of February, the market bounced and pushed through resistance at $0.046. What followed was a several-week rally towards the new all-time high of $0.099.
The Vechain price posted several both higher highs and lows as it traded with equal momentum throughout the month. A clear trend line along the several higher lows has been established.
Therefore, it could serve as crucial support if VET retraces further than the current minor support at $0.095. Further horizontal support for VET is seen at $0.09. If VET retraces so far, another entry could be taken as we are likely to see the market break above the $1 mark later this week.
Ultimately, much depends on how far the price will retrace from the current swing high. If the ascending trendline is broken, we expect a much deeper retracement that could last for several weeks. This means that the ascending trendline is a key technical indicator to watch out for over the upcoming days.
Alternatively, if the Vechain price holds support around $0.095, we could see the market break through the $1 mark later today. However, keep in mind that entering a long position after such a long rally is highly risky as a sharp reversal could be made at any moment in case the previously mentioned support levels fail to hold.
Vechain Price Prediction: Conclusion
Vechain price prediction is bullish as the market continues to move with a very strong bullish momentum. Some retracement will likely be made over the next hours as the Vechain price prepares to retest minor support at $0.095 and establish a new higher swing low. From there, we should see Vechain push higher and break above the $1 mark.
While waiting for Vechain to reach the $1 mark, read our Bitcoin halving guide, as well as a comparison of Litecoin and Bitcoin. To learn more about another great altcoin, see our long-term price prediction of ZRX.
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.