VeChain Hits New Yearly High: What’s Next for VET Price?

VeChain

The VeChain price has been moving sideways, staying relatively stable despite increased crypto market volatility. In the past week, the coin had an impressive run, adding more than 36% to its overall value. Today, during the early trading hours, VeChain reached a new yearly high, signaling strong bullish momentum in the market.

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For about a week, the VET price traded within a consolidated range, fluctuating between $0.02072 and $0.02313. After this period of consolidation, the bulls took control, leading to a breakout from this range. This suggests a shift in market dynamics, with potential implications for VeChain’s future price movements.

VeChain Price Analysis: Rally, Consolidation, and Bullish Breakout

The VeChain price experienced a brief rally, reaching $0.02593, but faced rejection, leading to a period of sideways trading. Subsequently, as market momentum increased, the price surged by over 22%, encountering resistance at $0.03166.

Despite several attempts and a minor correction, the bulls regained control, propelling the price up by over 31%. The coin then traded within a narrow range of $0.03166 to $0.03400 before a breakout occurred.

TradingView: VET/USDT

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Presently, VeChain’s price is fluctuating between $0.03400 and $0.03687. A recent successful breakout above a key resistance level suggests a heightened bullish influence in the cryptocurrency space.

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Examining the technical indicators, the MACD displays a rising green histogram, signaling an uptick in buying pressure. Furthermore, the averages show a bullish convergence, indicating the potential for significant price action in the upcoming week.

VeChain Price Outlook: Resistance and Support Levels

If the bulls can sustain the VET price above the support level of $0.03687, there’s potential for continued upward momentum, with an eye on testing the resistance level of $0.0400 in the days ahead. A successful hold at this level could set the stage for VeChain to aim for its upper resistance level of $0.0420 within this month.

Conversely, a reversal in the trend may signal a loss of momentum, leading the Vet token to test its support level of $0.0340. In a more bearish scenario, if market dominance shifts to the bears, the price could decline further, preparing to test its lower support level of $0.03166 in the coming week. Traders and investors will be closely monitoring these key levels for potential price movements.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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