- VET continues pushing higher.
- The closest resistance found around $0.055.
- VET rejects further downside at the several-day trendline.
Today’s VeChain price prediction is bullish as further downside seems to be rejected right now, indicating that we should see the $0.056 resistance broken soon.
Cryptocurrency heat map. Source: Coin360
The overall market continues trading in the red after a strong push lower was seen earlier today across the board. Bitcoin and Ethereum trade with a loss of 4 percent, while the best performance is seen for Uniswap, which is up by 10.4 percent. The worst performer right now is Polkadot with almost 10 percent in the red.
VeChain price prediction: VET set to move higher again, resistance to break at $0.056
VET/USD opened at $0.052 today after a slightly bullish yesterday price action. VeChain price has established clear ascending trendline support over the past week, indicating a potential area where the market will reverse again. So far, VET respects the ascending trendline of support with a sharp rejection for further downside. Therefore, we are likely to see the price of VeChain test the $0.056 resistance.
VeChain price movement in the last 24 hours
In the last 24 hours, VET/USD moved in a range of $0.04934 – $0.05456, indicating high volatility. Trading volume is down by 14 percent and totals $497 million. Vechain currently ranks 27th in the market rank by capitalization with just over $3.3 billion.
VET/USD 4-hour chart – current 4-hour rejection candle to push VET higher?
As seen on the 4-hour chart, VeChain currently strongly rejects further downside after a brief test of the psychologically important $0.05 price mark. Therefore, we can assume that VeChain has set another higher low, meaning that the short-term trend is bullish.
VET/USD 4-hour chart. Source: TradingView
Overall, VET has had a very strong retracement over the past month. After VeChain price set a new all-time high at $0.06, the market did reverse and moved all the way to the $0.042 mark in the middle of February. What followed was another rally and an attempt to set a further all-time high. However, Vechain was heavily sold as soon as it approached the previous all-time high at the $0.06 mark.
What resulted was another strong push lower over several days at the end of February. As seen on the chart, the 61.8% Fibonacci level was tested and the price consolidated around this area for several days as it built a base for another reversal to the upside.
After the last test around $0.037 at the end of February resulted in a failure to move lower, VET then reversed in a major way towards the previous medium-term bullish trend. VeChain price has since set both higher local high and higher local low twice, indicating that the bullish momentum has indeed returned.
Earlier this week, VeChain did move towards $0.055, gaining 30 percent from the local low of $0.042. This has made bulls confident for the market structure of VeChain again. Therefore, the current test of last week’s ascending trendline should result in another push higher. Additionally, the 4-hour candle around the trendline is looking to close with a massive wick, meaning that bulls are present.
This bullishness should result in VeChain reaching towards the $0.06 all-time high again next week. If VET can break above, we are likely to see the market continue its rapid growth in a similar way as during the beginning of February, when VET/USD moved by more than 100 percent from the low of $0.025 to $0.06.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the market has rejected further downside near the previously mentioned several day ascending support trendline. Resistance to watch is located at $0.056. If it is broken, we should see VeChain setting new all-time highs next week,
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.