The last time VeChain was testing resistance at its retracement level at $0.22, the price retraced lower. That’s when you want to look at the higher time frame, as it appears that VeChain is pushing higher and retesting the $0.22 level again. One thing I like to see is how many candles close above a level before we even get to the retest. In this case, there were more than 15 candles above the 0.236 Fibonacci level, which shows strength, and you can see that VeChain is ready to push even higher on the next leg up.
Summary of the situation
- VET goes to $0.21.
- Support around $0.21-$0.22.
- The next resistance is at $0.27.
Today, the price outlook for VeChain is bullish as the market pulled back from a strong top earlier this week. Currently, VET/USD has found support around the previous resistance zone of $0.21-$0.22. Therefore, we can expect VeChain to bounce off this support and rise next week.
Overall, the cryptocurrency market is showing mixed results. Ethereum is one of the major players, up nearly 10%. Meanwhile, market leader bitcoin remains relatively flat, with a small loss of 1%. Binance Coin and Cardano follow Ethereum with gains of 8% and 6%, respectively.
VET/USD opened at $0.223 after a slight downward momentum yesterday and a new high at $0.25 earlier this week. With the former resistance at $0.21 – $0.22 turning into support, we expect VET to move higher in the next 24 hours.
VeChain price movement in the last 24 hours
The TEV/USD exchange rate traded within a range of $0.2094 to $0.233, indicating moderate market volatility. Trading volume has fallen 32% in the past 24 hours to $1.85 billion. At the same time, the total value of the market is $14.1 billion, putting the cryptocurrency in 14th place overall.
VET/USD 4-Hour Chart – VET rose to $0.21, with a clear rejection for further decline
On the 4-hour chart we can see that the VET/USD is pulling back after further declines in recent hours, indicating an imminent reversal.
The overall price action in the market is starting to be bullish again. After VET/USD on the 17th. After reaching a new high of $0.28 in April, the price retreated and began to move sideways in a very volatile price movement. The 22nd. In April, a sharp downward push resulted in a loss of more than 50% until support was found at $0.13.
VeChain’s price then recovered slightly and set a local high of $0.20. After a subsequent pullback that marked a low, VET moved to the $0.22 level where further gains were limited. In early May, resistance was tested again and could not be broken upwards, resulting in a subsequent pullback to $0.185.
The ETV/USD rallied again on Wednesday, hitting initial resistance at $0.22. However, after a slight pullback, the price of VeChain continued to rise and established a clear high below $0.25.
VeChain has pulled back in recent days to retest previous resistance around $0.21 – $0.22 as support. At the moment we are seeing the first signs of further downward rejection, suggesting that the market will reverse in the next 24 hours. The first resistance target is at the previous high of $0.25. From here, the bulls will likely push VeChain higher, so far to the all-time high of $0.27.
VeChain Price Forecast: Supplement
The price outlook for VeChain is bullish, as the market retested previous resistance as support, showing a rejection of further declines. As such, the ETV/USD is expected to reach the previous all-time high of $0.27 in the coming week.
In anticipation of VeChain’s price reversal, check out our guide on investing in cryptocurrencies. For more information on the market leader in Bitcoin, also read our articles on Bitcoin wallets and ETFs.
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