VeChain price analysis: VeChain breaks above descending trendline, prepares to break $0.12?

V

VeChain (VET) is now trading at around $0.13, up nearly 9% in the last 24-hours. The cryptocurrency’s price has successfully broken above the descending trendline since its low at $0.12 in mid-November. More importantly, the VeChain price is now above the $0.12 support.

VeChain (VET) is a cryptocurrency that aims to be the backbone of the “Internet of Things”, a future where every physical object has a unique identity marker. This ensures that the object can be tracked, and that security and identity can be verified. It’s also the world’s second largest IoT token, producing almost three quarters of a billion dollars in value this year alone, and it’s a very solid investment.

Summary of the situation

  • VET evolved laterally during the night.
  • The next resistance is at $0.12.
  • The next support is at $0.10.

VeChain’s price analysis for today is bullish as the market has broken above the downtrend line for days and is heading for the next resistance at $0.12. Therefore, we can expect the ETV/USD to rise today and move above the $0.12 level. Crypto-currency heat map. Source: Coin360 VeChain price analysis: VeChain breaks above descending trendline, prepares to break $0.12? The general market is trading in the green today as Bitcoin and Ethereum rise. The rest of the altcoin market is following this upward trend, with Polkadot (DOT) being one of the best performers with a gain of 15.4%.

VeChain price movement in the last 24 hours

VET/USD was trading in a range of $0.1087 – $0.1166, indicating moderate volatility. Trading volume increased slightly to $668.5 billion for a total market value of $7.22 billion.

4-hour VET/USD chart – VET continues to move sideways

On the 4-hour chart, we can see that the price of VeChain did not continue to rise overnight after a quick rebound from the $0.10 support. 4-hour chart VET/USD. Source: TradingView VeChain price analysis: VeChain breaks above descending trendline, prepares to break $0.12? The overall trend in Vechain’s price is still down after a significant drop in the market in May. There was a quick rebound to $0.05 in late May, after which VET/USD quickly reached the $0.14 resistance level. The market then set a high and a low, indicating that the bulls were taking over. After the last spike of $0.15 on the 4th. However, the VET/USD began to decline in June and has established a clear downward trend line as resistance. On the 12th. In June, VeChain’s share price tested the $0.10 mark for the second time, but made no progress. The downward trend line was subsequently broken and the ETV/USD reached $0.11 overnight. This development in VeChain’s price action means that the bulls are preparing for a higher move later this week, and we can expect resistance at $0.12 to be broken in the next 24 hours. After the breakout, the VET/USD pair should quickly reach the previous high at $0.15.

VeChain price analysis: Supplement

VeChain’s price analysis is bullish as the market took a bounce late last night and almost reached the $0.12 resistance level. So the overall price pattern of the market is starting to turn bullish again, suggesting that we will see a move towards the $0.14 – $0.15 resistance this week. In anticipation of further price movements of VeChain, check out our articles on betting on Cardano, paying in bitcoins and how to buy bitcoin stocks. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

About the author

Emilia James
By Emilia James

Your sidebar area is currently empty. Hurry up and add some widgets.