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Vechain price prediction: Vechain fails to break $0.22, prepares for another attempt

TL;DR Breakdown

  • VET fails to break $0.22 resistance.
  • Closest support at $0.205.
  • Next major price target at $0.27.

Today’s Vechain price prediction is bullish as the price action continues moving higher. The resistance at $0.22 still holds, meaning that we likely will see VeChain retrace once more before pushing higher next week.

Cryptocurrency heat map. Source: Coin360

The overall market still trades with mixed results. Bitcoin has lost 1.5 percent, while Ethereum is up by 1.66 percent. Vechain (VET) and Uniswap (UNI) are among the best performers with more than 7 percent gain.

Vechain price prediction: Vechain fails to break $0.22, prepares for another attempt

VET/USD opened at $0.204 after a slight bullish close yesterday after a relatively volatile price action movement. Since the open, the market has moved higher again and tested the $0.22 resistance. As further upside was rejected rather quickly, we can expect another retracement later today, from which bulls will establish a base to push the VeChain price higher next week.

Vechain price movement in the last 24 hours

VET/USD price moved in a range of $0.1947 – $0.2174, indicating a moderate amount of volatility. 24-hour trading volume has increased by almost 40 percent and totals $2.3 billion. The total market cap trades at $13.6 billion, ranking the cryptocurrency in 14th place overall.

VET/USD 4-hour chart – VET consolidates below $0.22 with increasingly higher lows 

Looking at the 4-hour chart, we can see VET slowly moving higher towards $0.22 over the past hours, meaning that we could see a breakout later today.

VET/USD 4-hour chart. Source: TradingView

Overall the VeChain price momentum has shifted back towards being bullish. After setting a new all-time high at the $0.28 mark on the 17th of April, the market first dropped almost 40 percent until support was found around $0.18-$0.19.

 From there, VET/USD made two more attempts to move higher. However, bears took over the price action again, resulting in another drop of around 40 percent towards $0.15-$0.16 support. VeChain regained most of the loss as it rallied to $0.205 on the 23rd of April. Over the following days, the market established a significantly higher low at $0.16, indicating that the bearish momentum has ended.

On the 26th of April, the VeChain price started to move higher again. Resistance was found around the $0.22 mark, meaning that a strong higher high was set, which means that the price action structure has indeed turned bullish. 

After another higher low was set around $0.185 at the end of April, VET/USD started to edge higher slowly. Overnight the $0.22 resistance was almost reached before bears quickly pushed the market back towards the $0.20 mark. From there, VET has started its current attempt to move higher again. If bulls can keep control, we expect the $0.22 resistance to finally be broken over the next hours. A breakout above the $0.22 mark will open up a lot of free space towards the previous all-time high resistance area around $0.27-$0.28. Therefore, in this scenario, VeChain should see a good return later this month.

Vechain Price Prediction: Conclusion 

Vechain price prediction is bullish as VET/USD continues moving higher over the past days after setting a higher low around $0.195 yesterday. Right now, the $0.22 resistance still holds. However, VeChain is currently moving towards it again. Therefore, we expect further higher high to be set over the next 24 hours.

While waiting for further the VeChain price to move higher, read our latest guides on Bitcoin futures and ETFs. To learn more about another great altcoin, see our perspective on Bitcoin Gold.

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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