- VET finds support at $0.185.
- Closest resistance at $0.22.
- Next resistance at $0.27.
Today’s VeChain price prediction is bullish as the market was supported by the $0.185 mark again, with further upside seen over the last hours. Therefore, we expect VeChain to break above the $0.22 resistance over the next 24 hours.
The crypto market is in the green today as the market continues pushing higher over the past hours. The market leader, Bitcoin, is up by 7 percent, while Ethereum is up by 5 percent. Among the best performers right now are Litecoin, Ripple, and LINK, with gains of 15-17 percent.
VET/USD opened at $0.1875 today after strong bearish momentum yesterday took the market from $0.21 to $0.185 support. Since further downside was not seen, and VeChain price started recovering, we expect further upside to be seen over the next 24 hours.
VeChain price movement in the last 24 hours
VET/USD moved in a range of $0.1863 – $0.2056, indicating a moderate amount of volatility. 24-hour trading volume has dropped by 7.43 percent and totals $2.3 billion. Meanwhile, the total market cap stands at $13 billion, ranking the cryptocurrency in 15th place overall.
VET/USD 4-hour chart – VET aims to retest the $0.22 resistance
Looking at the 4-hour chart, we can see VET/USD regaining bullish momentum over the past hours as bulls attempt to push VET towards the $0.22 resistance again.
The overall VeChain price action continues to recover from the substantial loss during the middle of April. After setting a new all-time high at $0.28, the market had an initial spike lower to $0.18, where bulls quickly picked up any selling pressure and quickly reversed the price action.
However, another attempt to move higher was unsuccessful as VET/USD peaked below $0.27. What followed was another small retracement and a retest of the $0.27 price mark. From there VET/USD dropped more than 50 percent to $0.13, where a sharp rejection for further downside was seen.
During the next days, the market set higher lows twice, indicating that the VeChain price action has turned bullish again. A new local higher high at $0.22 was set and retested on the 2nd and 3rd of May. From there, the market failed to move higher and retraced to retest $0.185 support again. Therefore, a consolidation range has effectively been created around $0.185-$0.22.
If VeChain can move above the $0.22 over the next 24 hours, we expect bullish market momentum to take over again. In this scenario, bulls will likely quickly push VET/USD towards the next resistance at $0.27.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the market found support at the $0.185 previous support and has started to trade higher over the last hours. Therefore, we expect VET/USD to test the $0.22 resistance once again over the next 24 hours. Once the $0.22 resistance is broken, we should see the market quickly trade to the previous all-time high around $0.28.
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