|

Vechain Price Forecast: VET is ready for a quick jump to $0.05 if key level holds

  • Vechain price must continue to hold a critical support level to see a bullish reversal.
  • VET has been trading in a tightening range while trading volume declines.
  • A significant move is underway according to several indicators.

Vechain had a significant rebound already climbing by more than 35% since its low of $0.0346. VET managed to climb above a critical resistance level which is now acting as a robust support point. The next potential price target for the bulls would be $0.05.

Vechain price aims for $0.05 after holding key level 

On the 6-hour chart, Vechain price climbed above the 100-SMA, currently located at $0.041, and managed to hold this level several candlesticks in a row. The trading volume of VET has dropped significantly in the past 24 hours, which indicates a major move is underway. 

vet price

VET/USD 6-hour chart

The next resistance point is the high of February 24 at $0.0465. A breakout above this level should swiftly push Vechain price towards the 50-SMA at $0.05. Turning this level into a support could drive Vechain towards $0.06 in the near future.

However, if the 100-SMA fails to hold, VET would be poised for a dive towards the 200-SMA support level established currently at around $0.035.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Kraken’s parent plans regulated US perpetual futures on Hyperliquid

Hyperliquid has named Payward, the parent company of crypto exchange Kraken, as its intended first Commodity Futures Trading Commission-regulated deployer on HIP-3 markets. In an X post on Monday, Hyperliquid stated that Payward plans to use its infrastructure to deploy perpetual futures markets for US customers. The proposed arrangement remains subject to regulatory approval.

Pi Network Price Forecast: PI stalls as weak crypto sentiment caps recovery

Pi Network holds steady above $0.0760 stalling after a roughly 2% rebound the previous day. The broader market's weak sentiment and reduced trading volume weigh on the PI token. The technical outlook is bearish, with price capped below a long-term resistance trendline and weak momentum.

Ripple and Stellar outlook: XRP and XLM remain under pressure as bearish momentum persists

Ripple and Stellar continue to remain under pressure, trading below $1.30 and $0.169 respectively, after a mild recovery the previous day. Both XRP and XLM remain below their key Exponential Moving Averages, indicating bearish price action. Moreover, mixed derivatives metrics and cautious on-chain data are capping sustained recovery in XRP and XLM.

Ripple secures OCC approval for National Trust Bank
Brad Garlinghouse, CEO of Ripple, announced in an X post on Monday that the Office of the Comptroller of the Currency (OCC) has granted final approval to charter Ripple National Trust Bank (RNTB). The federally supervised national bank demonstrates Ripple's progress toward building digital asset infrastructure within a regulated financial system.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.