- VeChain price analysis highlights VET’s retesting the $0.103 critical support level.
- VeChain’s downward price movement hints at triggering a price rally.
- Failure to settle above the $0.091 demand barrier would mark the commencement of a new down surge.
VeChain’s price action recently joined the selling spree community after the FBI confiscated most of the stolen funds from the Colonial Pipeline scandal. Since then, VeChain has depreciated by more than $0.11, which is roughly 25 percent below last week’s highest level.
VeChain Price Analysis: General price overview
Initially, crypto-assets were regarded as the best channels for cybercriminals. Considerable, this perception is true since government officials have not been able to track most of the monies hid in crypto assets.
At present, VeChain, like many other crypto tokens, is depreciating after the FBI recently seized most of the cryptocurrencies given to hackers of the Colonial Pipeline scandal. Additionally, the negative price movement of Bitcoin has led to market-wide stagnation. Indeed, 49 out of the top 50 virtual assets have retreated in the past 48-hours, according to Coinmarketcap.com. At present, Theta Fuel appears to be the only crypto asset recording positive price movements in the market. So, what is the future for Vechain prices?
VeChain’s price action is retracing to a reliable demand barrier at the time of writing as the prior price surge failed to settle above VET’s immediate swing high. Such a price movement that signals a retest of the support region means the crypto coin is likely to encounter a bull run in the process. In the event of a price rally, VeChain will break above several significant overheads and selling barriers.
VeChain price movement in the past 24 hours
Over the past few days, VeChain’s price action has taken a roughly 30 percent dip from $0.153 to around $0.11. At present, the crypto coin appears to be awaiting the bearish trend to dissipate as it trades above its $0.102 support region. At the time of writing, VeChain is exchanging hands at around $0.110. Although unlikely, VeChain might take a further price dip below the support level to settle at around $0.092. Such a move will activate a significant bull run.
According to technical indicators on the 24-hour price chart, investors should expect some resistance level at $0.13, which coincides with the coin’s 50 percent Fibo retracement level. This is assuming all factors remain constant. A breakout past this resistance level might allow VeChain bulls to rally up to the 62 percent Fibo retracement level that coincides with the $0.144 price level.
VeChain 4-hour chart
According to VeChain’s 4-hour chart, a price appreciation from the $0.102 support level to the projected high of $0.144 would mean the coin should surge upwards by 40 percent. In such an event, VeChain bulls will have to shatter key resistance levels. Failure to gather enough momentum would see VeChain’s price rally slow down or halt at these resistance levels.
Although VeChain’s upward price movement is well-defined, the coin’s downward trend appears to have fewer resistance levels. VeChain should avoid a 4-hour candlestick close below the $0.092 support level as it will paint an extremely bearish picture. Such a price movement would see the crypto coin further break down towards $0.09, invalidating all bullish prospects.
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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