TL;DR Breakdown
- VET was supported by the $0.185 mark yesterday.
- Closest resistance at $0.22.
- Next target at $0.27.
Today’s VeChain price prediction is bullish as the market look to finally move above the $0.22 mark after retesting support around $0.185. Therefore, we expect a new higher high to be set later today.
The crypto market has lost some momentum over the past hours while still being mostly in the green over the last 24 hours. Bitcoin is up by 2.2 percent, while Ethereum trades at $2.8 percent. Cardano (ADA) is among the best performers with a gain of 18 percent, while Dogecoin (DOGE) is among the worst, with almost a 10 percent loss.
VET/USD opened at $0.207 after rallying from the $0.185 support yesterday. Further highs have been reached since then as bulls attempt to push VET/USD above the $0.22 resistance. Since the resistance level already was retested, we could see it finally break, leading VeChain price towards the next major resistance area around $0.27-$0.28.
VeChain price movement in the last 24 hours
VET/USD price moved in a range of $0.1983 – $0.2161, indicating moderate volatility. Trading volume has dropped by 15.86 percent over the past 24 hours and totals $2.16 billion. Meanwhile, the total market cap trades around $13.9 billion, ranking the cryptocurrency in 15th place overall.
VET/USD 4-hour chart – VET prepares to breach $0.22 resistance
On the 4-hour chart, we can see the VeChain price pushing higher over the last hours, indicating that we might see a breakout above the $0.22 mark later today.
Vechain has started to trade sideways over the past few days, as mentioned in our previous VeChain price prediction. This price action development is the result of a previous major retracement over the second half of April. After VeChain peaked at $0.28 on the 16th of April, the market saw a quick spike lower towards $0.17.
From there, two more attempts to move higher were made over the next days until a strong push lower was made on the 22nd of April. Overall, VET/USD lost more than 40 percent before bulls started rapidly picking up any further selling pressure.
Since then, the VeChain price action established a trading range with $0.185 mark as support and $0.22 as resistance. The $0.185 was retested on Tuesday, indicating that the market still needs time to push higher. However, yesterday we say VET/USD push higher again. While the $0.22 resistance was not reached, most of the previous loss was regained, sending a bullish indication.
Today, the VeChain price continues moving higher and has already reached the $0.22 resistance. Therefore, we should see another breakout attempt later today. If VET manages to break above the $0.22, we expect the next resistance area around $0.27-$0.28 to be reached over the next couple of days.
VeChain Price Prediction: Conclusion
VeChain price prediction is bullish as the market continues moving towards the $0.22 resistance. Since VET still holds its bullish momentum, we expect the market to make an attempt to break above the resistance later today.
While waiting for further VeChain price action, see our guides on the best crypto arbitrage tools and wallets. To learn more about another great altcoin, see our long-term price prediction on Stellar Lumens.
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.
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Source: https://www.cryptopolitan.com/vechain-price-prediction-2021-05-06/
