Price Analysis

VET Price Analysis: Unlocks New All-Time Highs, Consolidation in View

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Vechain (VET) unlocked new all-time highs of $0.282 on April 17 following immense bullish action during the week.

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  • VeChain (VET) has been progressive since late February
  • VET/USD rallied to fresh all-time highs of $0.282
  • Vechain mentioned in Forbes Blockchain 50

VeChain (VET) has been progressive since late February, making higher highs and higher lows within uncharted waters. After six days of the consecutive bullish session, VET/USD rallied to fresh all-time highs on Apr. 17 and stopped just shy of $0.29. VET gave back some gains on an intraday basis when the price action attempted to post new highs but failed to build up the momentum. As of press time, VET was trading at $0.23, up by 6.29% in the last 24 hours and 66.15% weekly.

VeChain Mentioned in Forbes Blockchain 50

On April 17, the VeChain foundation wrote ‘Thank you @ArchanaSristy for mentioning #VeChain in the 2021 @Forbes Blockchain 50! We’re proud to power #Walmart China’s Food Traceability Platform’

Blockchain is also transforming the supply chain and traceability industries, eliminating inefficiencies, according to the tweet. VeChain (VET) is a blockchain-powered supply chain platform that aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some major problems with supply chain management.

VET Daily Chart: Bullish

VET Daily Chart
VET/USD Daily Chart

VET closed April 17 session at $0.2340 and not quite testing the $0.30 target, upside potential from current levels appears limited until a break to new highs above the $0.282 peak. VET/USD will need to post strong gains to close firmly above the $0.282 level of resistance. The price may likely consolidate after the immense bullish action, given that the market may take a moment to digest the recent highs.

The intraday price action is posting a Doji candlestick which signals indecision. Given the indecisive mode, traders may remain patient until the VET/USD pair closes above $0.282, and more importantly, rallies to the $0.3 level. If that is the case, resistance may run-up to the $0.40 and $0.50 levels. On the downside, a break below the $0.209 low (acting as immediate support) will shift the spotlight towards the $0.149 and the MA 50 at $0.08.

VET/USD 4-Hour Chart: Ranging

VET/USD 4-Hour Chart
VET/USD 4-Hour Chart

VeChain is consolidating below the new highs of $0.282 while bulls try to gather enough strength to relaunch the attack. The price may need to crawl above the $0.282 resistance line to bring the bulls back into play, opening the way towards the $0.30 psychological mark. A break past these levels will cause the next leg of the uptrend with targets of $0.40 and $0.50 to resume. Alternatively, if the price action breaks lower, a retest back to the $0.212 level may seem likely.

Support further awaits at the consolidation range of $0.16 to $0.19, the MA 50 located in the neighborhood at $0.1637, adds more credence to the region. The MA 50 may put a lid on further declines on VET/USD. As regards the market momentum, the RSI holds a downward direction below a resistance trendline. To summarize, any downside correction may not deactivate the upward pattern on VET/USD unless the price dives below the supportive trendline and the MA 50.

Key Levels
Resistance Levels: $0.3500, $0.3000, $0.2823
Support Levels: $0.2094, $0.1922, $0.1567

Image Credit: Tradingview

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tomiwabold Olajide

Tomiwabold is a currency trader and cryptocurrency analyst. A technical analyst, as well as an experienced fund manager, he has also co-authored several books on Forex trading. Tomiwabold pays great attention to cryptocurrency research, conducting a comprehensive price analysis and exchanging predictions of estimated market trends. He studied at the University of Lagos, Lagos.

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