Home Cryptocurrency VeChain retests support at $0.185, prepares to move higher? –

VeChain retests support at $0.185, prepares to move higher? –

by Serge Shlykov

In the past few weeks, VeChain has had a rough time. The cryptocurrency currently trades at $0.185, which represents a 26% drop over the past 30 trading days. However, it appears that the dip is over and the crypto is preparing for a price increase. We are confident that VET will climb above the ‘bullish pennant’ pattern and retest the resistance levels at $0.39 and $0.46.

The VeChain Foundation is a non-profit organization that is behind the VeChain and VeChainThor blockchains. The Foundation released a new version of their VeChainThor blockchain, VeChainThor 2.0. X Node Binding Service is an important part of the VeChainThor 2.0 update. This will enable X Node holders to bind their VET and VeThor (VTHO) tokens to the VeChainThor blockchain. The VeChain Foundation has also announced a list of exchange partners that will support the VeChain Thor MainNet launch on June 30th. These exchanges include: Bithumb Huobi Pro OKEx LBank Kucoin ABCC Dragon

Summary of the situation

  • VET finds support at $0.185.
  • The next resistance is at $0.22.
  • The next resistance is at $0.27.

Today’s price outlook for VeChain is bullish, as the market has regained support at $0.185 and seen further gains over the past few hours. Therefore, we expect VeChain to break through the $0.22 resistance level in the next 24 hours.

Heatmap for crypto-currencies. Source: Coin360

The crypto-currency market is on the positive side today as it continues to climb over the past few hours. Market leader Bitcoin is up 7%, while Ethereum is up 5%. Litecoin, Ripple and Link are the top performers right now, growing 15-17%.

VET/USD opened at $0.1875 today, following strong bearish momentum that took the market from $0.21 support to $0.185 yesterday. Since there has been no further decline and the VeChain price has started to recover, we expect further increases in the next 24 hours.

VeChain price movement in the last 24 hours

The ETV/USD was trading in a range of $0.1863 to $0.2056, indicating moderate volatility. Trading volume fell 7.43% in 24 hours to $2.3 billion. At the same time, the total value of the market is $13 billion, putting the cryptocurrency in 15th place overall.

4-Hour chart VET/USD – VET tries to retest resistance at $0.22

On the 4-hour chart, we can see that the VET/USD has regained bullish momentum over the last few hours, as the bulls try to push the VET back towards the $0.22 resistance level.

4-hour chart VET/USD. Source: TradingView

VeChain retests support at $0.185, prepares to move higher? –

Vechain’s overall price performance continues to recover from the significant losses of mid-April. After hitting a new all-time high of $0.28, the market initially dropped to $0.18, where the bulls quickly absorbed selling pressure and quickly reversed the price action.

However, another attempt to rise failed as the TEV/USD fell below $0.27. This was followed by another small pullback and a retest of the $0.27 price level. From there, ETV/USD fell by more than 50% to $0.13, where a clear rejection of further decline could be seen.

The market set higher lows twice in the following days, suggesting that VeChain’s price action was bullish again. On 2 and 3. May reached a new local high of $0.22 and retested it. After that, the market was unable to move higher and pulled back to retest the $0.185 support level. Thus, the consolidation zone around $0.185-$0.22 has been effectively formed.

If VeChain can break above the $0.22 level in the next 24 hours, we expect the market’s bullish momentum to take over. In such a scenario, it is likely that the bulls will quickly drive VET/USD to the next resistance at $0.27.

VeChain Price Forecast: Supplement

The price outlook for VeChain is bullish now that the market has found support at the previous $0.185 level and has been trading higher for the past few hours. Therefore, we expect VET/USD to retest resistance at $0.22 in the next 24 hours. Once resistance at $0.22 is broken, we should see the market quickly reach the previous all-time high around $0.28.

In anticipation of VeChain’s price rise, check out our guides to bitcoin wallets and taps in 2021. Read our article on Bitcoin Gold to learn more about another excellent altcoin.

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