After trading in a small range since the beginning of the week, VeChain price started to recover yesterday. The cryptocurrency surged by more than 20% and recently traded above the $0.10 resistance. The price is currently trading near an important support level at $0.09.
VeChain (VEN) just broke out of a trading range and is currently attempting to rally. The digital token rallied from $0.10 to $0.11 during the first hours of trading before consolidating. Given that the token has formed a symmetrical triangle, the next move should be down.
VeChain (VET) price is struggling to hold above $0.09. The coin is currently trading at $0.10, just under the $0.12 level, after failing to hold above $0.12 for the past two sessions. The MACD is indicating no major change, and the coin is trading with a bearish bias. Support is seen at $0.09, while resistance is at $0.12.Summary of the situation
- VET found support at $0.10.
- Resistance at $0.12 prevents further gains.
- The next target is $0.155.
VeChain’s price analysis for today is bullish, as the market established a slight high at $0.10 yesterday, and the market price is currently gearing up for a rise. Crypto-currency heat map. Source: Coin360 The general market is trading in the green today. Market leader bitcoin rose 8.75 percent, while Ethereum rose just 2 percent. The rest of the altcoin market has seen similar moderate growth over the past 24 hours.
VeChain price movement in the last 24 hours
VET/USD was trading in a range of $0.1113 – $0.1219, indicating moderate volatility. Trading volume fell 12.26% to $1 billion. The total market size is about $7.5 billion, putting the cryptocurrency at number 20 overall.
VET/USD 4-Hour Chart – Is VET preparing for a rise to $0.14?
On the 4-hour chart we can see that the structure of the VET/USD market is preparing a base from which it can move higher over the course of the week. 4-hour chart VET/USD. Source: TradingView The market has continued to show mild bullish momentum in recent weeks after VeChain’s price action finally found support around $0.05. The VET/USD then made two higher lows and highs, indicating that the bulls are regaining control of the situation. Over the past few days, VeChain’s price has set a third highest around $0.10 and yesterday paved the way for another upward move. Further gains were made tonight as the market approached the insignificant $0.12 resistance level. Thus, once the resistance at $0.12 is broken, we can expect VET/USD to continue storming higher and reach the next resistance at $0.14. From here, the ETV/USD should continue its uptrend until a new higher high is reached at $0.155.
VeChain price analysis: Supplement
The price analysis for VeChain is bullish as the market rose overnight after hitting a high of $0.10. From here, we expect VET to move higher in the coming days and hit the next resistance at $0.14, eventually reaching a high above $0.155. In anticipation of VeChain’s continued price movement, read our latest guides on bitcoin transactions, peer-to-peer blockchains, and the collapse of bitcoin in 2021. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.VeChain price analysis: VeChain established a higher low at $0.10, prepares to push higher again?. Read more about fxstreet vechain and let us know what you think.
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