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VeChain price prediction: VeChain retraces to retest $0.22, prepares to push higher?

Vechain Price Analysis

TL;DR Breakdown

  • VET spikes to $0.21.
  • Support around $0.21-$0.22 area.
  • Next resistance at $0.27.

Today’s VeChain price prediction is bullish as the market retraced after setting a strong higher high earlier this week. Currently, VET/USD has found support around the previous resistance area of $0.21-$0.22. Therefore, we can expect VeChain to bounce from this support and move higher next week.

VeChain price prediction: VeChain retraces to retest $0.22, prepares to push higher? 1
Cryptocurrency heat map. Source: Coin360

The overall crypto market trades with mixed results. Ethereum is among the best performers with a gain of almost 10 percent. Meanwhile, the market leader, Bitcoin, remains relatively flat, with a small loss of 1 percent. Binance Coin and Cardano are following Ethereum with an 8 and 6 percent gain, respectively.

VeChain price prediction: VeChain retraces to retest $0.22, prepares to push higher?

VET/USD opened at $0.223 after slight bearish momentum yesterday and a new higher high set at $0.25 earlier this week. Since the previous resistance at $0.21-$0.22 has turned in into support, we expect VET to move higher over the next 24 hours.

VeChain price movement in the last 24 hours

VET/USD price moved in a range of $0.2094 – $0.233, indicating moderate volatility for the market. Trading volume has dropped by 32 percent over the last 24 hours and totals $1.85 billion. Meanwhile, the total market cap stands at $14.1 billion, ranking the cryptocurrency in 14th place overall.

VET/USD 4-hour chart – VET spikes towards $0.21, with clear rejection for further downside

On the 4-hour chart, we can see VET/USD rejecting further downside over the past hours, indicating an upcoming reversal.

VeChain price prediction: VeChain retraces to retest $0.22, prepares to push higher? 2
VET/USD 4-hour chart. Source: TradingView

The overall market price action starts to turn bullish once again. After setting a new all-time high at $0.28 on the 17th of April, VET/USD retraced and started to move sideways in very volatile price action. On the 22nd of April, a sharp push lower resulted in a loss of over 50 percent until support was found at the $0.13 mark. 

From there, the VeChain price recovered slightly and established a local high at $0.20. After the following retracement set a higher low, VET moved to the $0.22 mark, where further upside was resisted. Earlier in May, the resistance was retested with failure to break higher, resulting in the following retracement to the $0.185 mark.

On Wednesday, VET/USD started rallying once again, with some initial resistance at the $0.22 resistance. However, after a small rejection, the bullish VeChain price momentum continued higher and set a clear higher high below $0.25. 

Over the past days, VeChain retraced again to retest the previous resistance around $0.21-$0.22 as support. Right now, we can see the first signs for rejection for further downside, indicating that the market will likely reverse over the next 24 hours. The first resistance target to the upside is seen at the previous high of $0.25. From there, bulls will likely push VeChain higher towards the previous all-time high of $0.27.

VeChain Price Prediction: Conclusion 

VeChain price prediction is bullish as the market has retested previous resistance as a support and shows rejection for further downside. Therefore, VET/USD should push higher towards the previous all-time high of $0.27 next week.

While waiting for the VeChain price to reverse, see our guide on investing in cryptocurrencies. Additionally, to learn more about the market leader, Bitcoin, see our articles on Bitcoin wallets and ETFs.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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