Vechain Price Analysis: VET/USD pair bullish for the next 24 hours

Vechain Price Analysis

The VeChain price analysis shows bullish signals in VET/USD today. The price gained heavily in the last 24 hours, with a high of $0.744 and a low of $0.675 when yesterday opened.   The VeChain price prediction is bullish today.

The token has gained +3.63% in the last 24 hours, is presently valued at $0.663, and ranked the 14 th position on Coinmarketcap.

We expect the price to consolidate at this level before another push upwards later in the day. The Parabolic SAR points towards a bullish run today too.

As can be seen on the daily candles, there are no significant resistance levels until $0.778 (4 th highest), which will most likely be our next stop.

Further resistance is seen at $0.690 and $1.000, which will prove to be a challenge for this crypto soon.

VeChain price movement in the last 24 hours: High volatility?

The bands have widened in the last 4 hours, causing a great increase in VET’s volatility. The RSI indicator has also shifted towards the negative spectrum, causing it to become oversold. In other words, this means that the market currently experiences bearish pressure and a high probability of an uptrend.

In addition to this news, VeChain has recently announced a new partnership with Fanghuwang, a cloud services provider based in China. This is the first-ever blockchain-powered peer-to-peer online lending platform. The CEO of Fanghuwang expressed his excitement after joining hands with VeChain.

VET/USD 1-day price chart source: TradingView

We expect resistance at $0.690, which will bring about a short-term bearish market for this cryptocurrency. The first major support level is $0.569, and the second is $0.610.

VET/USD 4-hour price analysis: Recent developments

On the 4-hour chart, the price of VET/USD is currently experiencing a bullish movement after it dropped to $0.062 yesterday. The bulls attempt to recover from this slightly negative trend by preventing its further fall and slowly increasing its value. The resistance level has been calculated at $0.064, which will be the next target for the bulls. However, if they cannot reach this level and cause a surge in VET’s price, it will continue to decrease and drop below $0.062 again.

VET/USD 4-hour price chart source: TradingView

The MACD ET is currently experiencing a bullish movement, and the MACD indicator also supports this fact. The Bollinger Bands are widening in the last 4 hours, causing great volatility within the market. VeChain appears to be oversold on the daily RSI indicator, which means that it might experience an uptrend in the next few days.

The VET/USDET/USD/USD price will experience an uptrend following the VeChain Mainnet launch.

The price of VET is expected to surge in a bullish manner after the VeChain Mainnet launch. There are high probabilities that it may reach $0.09 soon its increase in value is also associated with an upcoming event scheduled.

Vechain Price Analysis: Conclusion

The VeChain price prediction is bullish today. The indicators show an upcoming surge in VET’s value after it previously experienced two consecutive days of down trending.

Further resistance lies at $1.030 and $1.090, after which we can expect a short-term bearish market for this cryptocurrency.

Original Source :cryptopolitan.com

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